By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN ex-prime minister yesterday warned Philip Davis KC that “he won’t get off that easy” over the Bahamas Moorings deal as he pledged to “keep digging” into the now-terminated lease agreement.
Dr Hubert Minnis vowed to maintain the pressure on his successor, who he said needs to “brace himself” for a barrage of further questions over the 21-year deal that would have effectively privatised all viable anchorage and mooring sites in the Exumas by granting a monopoly to a private company whose principals
Parliament’s watchdog set to grill Ministry of Finance chief
By NEIL HARTNELL Tribune Business Editor
PARLIAMENT’S spending watchdog plans to grill the Ministry of Finance’s top official next Tuesday over “a range of hot button issues” uncovered by recently-completed investigations from the Auditor General.
Michael Pintard, the Free National Movement (FNM) leader, yesterday told Tribune Business that the Opposition-controlled Public Accounts Committee (PAC) will interview Simon Wilson, the financial secretary, on the findings of the 2021 audit of the Government’s financial accounts plus the reports on the 2023 CARIFTA track and field championships and the Bahamas Jubilee Games. Asserting that the Auditor General had identified
“clear breaches” of the Public Finance Management Act, the main law that governs how the Government operates and manages its financial affairs, he added that the Committee was especially interested to discover why lessons were seemingly not being learned given that these violations keep occurring.
And, promising that Parliament’s spending watchdog is “pushing through” and “making progress”, Mr Pintard told this newspaper that it is on pace to lay the first of its reports - an inquiry into the Consumer Protection Commission’s chosen rented office space - in the House of Assembly next month. He added that the reports on CARIFTA and the Bahamas Jubilee
PAGE A12
have strong connections to Davis administration insiders.
Mr Davis last week sought to shut down further public debate and discussion on Bahamas Moorings by suggesting the lease termination has ended the controversy. Dr Minnis, though, promised not to let the matter die and voiced surprise that the Prime Minister has seemingly not taken action over the potential conflict of interest that saw his deputy communications director witness the lease’s signing for Bahamas Moorings.
Sandra Kemp’s husband, Philip A. Kemp II, was one of the principals in Bahamas Moorings, and Dr Minnis argued that given
the Office of the Prime Minister’s importance as a standalone institution it cannot afford to be dragged into any situation where “perceived” wrongdoing is alleged.
The former prime minister also asserted that Mr Davis, in seeking to end and kill-off any further commentary on Bahamas Moorings, had “just opened the doorway” to further scrutiny by himself, the Opposition and Bahamian public with the saga “a lot deeper than many believe”.
Dr Minnis spoke out after Mr Davis last week suggested he and his administration will
Chinese ship fee threatens Tropical Shipping survival
By NEIL HARTNELL Tribune Business Editor
THE survival of a major ocean freight carrier serving The Bahamas would be in jeopardy if the US proceeds with a Chinese-made ship fee that “would almost double” 40-foot container cargo rates.
Tropical Shipping, which together with Mediterranean Shipping Company (MSC) has the dominant share of New Providence’s ocean freight market, revealed that the US Trade Representative’s proposal to impose an up to $1m fee per American port call by Chinese-made vessels would have a “catastrophic” impact on The Bahamas’ import dependent economy by raising its 40-foot container rates to a projected $2,352.
The cargo operator, in a March 24, 2025, letter said the proposal if implemented as is would “unquestionably threaten the ability of Tropical to continue operations” and drive importers of goods in The Bahamas and throughout the region to source goods from outside the region. And, besides undermining the multi-billion dollar annual trade the US enjoys with the Caribbean, it would also give foreign ships a competitive advantage.
Pointing out that US exports to The Bahamas and the Caribbean combined hit almost $101bn in 2024, and that the region is the US’ “fourth largest export market” which generates a goods trade surplus, Tropical Shipping spelled out in detail the consequences for this nation’s economy, companies and consumers if the proposed fee takes effect in its current form. A second day of hearings on the plan will be held today
Tropical Shipping added that companies such as MSC and even those in China, which operate much larger vessels, would gain a price advantage by being able to spread the Chinese-made ship fee over a greater volume of cargo and containers. This, it warned, would undercut a key policy objective of Donald Trump by turning The Bahamas and Caribbean into “China’s new Red River” where it - not the US - dominates trade.
“The average size vessel serving the Caribbean carries 1,100 nominal TEUs (twenty-foot equivalent units). The average size of Tropical’s fleet is smaller than that, with only six vessels as large as 1,100 TEUs, three vessels topping out at 300 TEUs, and one vessel that has only a 145 TEU nominal capacity,” Tropical Shipping told the US Trade Representative’s Office.
“In comparison, the average steamship line’s vessels calling on major US ports and operating in global trade routes are approximately 16,000 nominal TEUs. Tropical vessels
Delta contractor’s staff lose in dismissal claim
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THREE former employees of a contractor that provided security services for Delta Airlines in Exuma lost their wrongful dismissal claim because they “voted with their feet” and joined a rival without being terminated.
Rionda Godet, the Industrial Tribunal’s vice-president, in a justreleased December 13, 2024, verdict rejected the compensation claims initiated against More Security (Bahamas) by Tatiana Requilda-Tinker, Devante Donovan McPhee and Deon Gibson on the basis that the trio “withdrew
Tax
By FAY SIMMONS Tribune Business Reporter
THE Department of Inland Revenue was yesterday said to be “determined” to overcome the Business Licence application backlog and ensure all renewals and new requests are promptly processed. Beaumont Todd, the tax authority’s communications and training manager,
their services” without the employer first dismissing them.
She found that the three all took jobs with Strachan’s Aviation, after its principal informed them it had won - and was taking over - the Delta Airlines security contract in Exuma from More Security (Bahamas). This was despite the latter’s principal, a Mr Holmes, telling all his staff to “stand down” and not switch to employment with Strachan’s Aviation.
And Ms Godet said it was “curious” that Mr McPhee, in his evidence, asserted that More Security (Bahamas) had “obtained a contract with Strachan’s Aviation” and was now acting as the latter’s sub-contractor for
said there are more than 60,000 businesses currently operating in The Bahamas and a number of new applications submitted daily, all of which have to be processed by a small team. “I would say, to a certain degree, probably yes, if you take consideration, there’s about 60,000-plus businesses throughout the Commonwealth of the Bahamas, and that is growing every day,” he said.
the provision of security services to Delta Airlines when it had previously performed the same duties by itself.
With More Security (Bahamas) taking no part in the Industrial Tribunal proceedings, Ms Tinker alleged she was made redundant by the firm on July 31, 2019, although this was never officially confirmed to her by Mr Holmes or anyone else in authority.
Asserting that she was given no other work to do, “she said that she had heard from other people working around the airport that Delta Airlines had not renewed their contract” with More Security (Bahamas).
“So we are in the process of trying, to the best of our ability, to cut that down, but we are a small department. We’re still determined to make sure that these persons not just get their Business Licence renewed, but new businesses come in.”
Mr Todd said that, in addition to making system upgrades, the Department of Inland Revenue is also holding virtual and inperson training sessions to walk entrepreneurs that
“She said that sometime in June 2019, Jermaine Bannister, the overseer of another security provider, Strachan’s Aviation, had informed her and her colleagues that his company has secured the Delta contract and had made an offer of employment to all of them to continue their same job under him and Strachan’s Aviation when the Delta Airlines contract with More Security expired,” Ms Godet noted. Ms Tinker alleged that she and fellow staff all tried to contact Mr Holmes to obtain clarity on their jobs and futures, but he “was always avoiding their calls and their only source of information as to what was
are experiencing difficulties through the Business Licence application and renewal process.
“In addition to working on the system, to upgrade the system, the other aspect of what we’re also doing is these different sessions and stuff that we have going on to make sure that we are there to walk persons through the process, because we know
DR HUBERT MINNIS
MICHAEL PINTARD SIMON WILSON
PHILIP DAVIS KC
Abaco’s tourism sustains despite airport concerns
By ANNELIA NIXON Tribune Business Reporter
ABACO tourism operators yesterday said the industry is maintaining its post-Dorian and COVID19 rebound momentum despite concerns over the island’s major aviation gateway. They voiced fears that delayed flights and Leonard
Thompson International Airport’s condition may give visitors a bad first and last impression of The Bahamas. However, Captain Kai Survance, owner of Gotcha Fly Fishing, said any such negative experiences have not thus far deterred tourists from rebooking.
“The airlines need to get it together,” Captain Survance said. “Like Silver Air being late all the time
and cancelling, and Bahamasair going on strike, all that. That’s the kind of things, or it’s just the cost of doing business. If their trip gets cancelled or the weather’s too bad or something, it is what it is, nothing you can really do.
“But most of them, people who miss their flights or get cancelled or stuff, they’ll rebook whether it be next week or the next year, or whatever
it is. A lot of people will rebook anyways, which is a good thing. But, like, I had some clients yesterday that flew Silver, or two days ago, they were supposed to leave Fort Lauderdale at 9am they didn’t get out until 9.30pm so you got to think of people who have never been here before.
“They see that happen, they’re gonna be like, ‘Well, we don’t want to fly with them no more’. We’ve got
to figure something out.”
Captain Danny Sawyer, a bonefishing guide, added that the airport is not satisfactory despite being a tourist’s first impression of the island.
“I mean, the building and everything is fine,” Captain Sawyer said. “They have three security doors at the airport right now, and only one of them is working. And I was out there about three days ago. So if you
Development Bank drives financing for businesses
By FAY SIMMONS Tribune Business Reporter
A BAHAMAS Development Bank (BDB) executive yesterday said it is driving several initiatives to provide Bahamian businesses with access to funding on a small or large scale.
Alicia Butler, manager of the BDB’s credit division, said: “The bank is always offering the public. There’s always some initiative or programme being offered for persons who are looking for quite a bit of money for
funding on a large scale, or just something very small, like a micro loan to replace equipment machinery.”
Speaking to Tribune Business, she said the BDB’s most successful programme so far has been the micro loan, which gives financing up to $15,000 to help businesses in the tourism, manufacturing, agriculture and fishing sectors. “We have a micro loan programme that is specifically geared towards existing businesses that may want to upgrade their machinery, replace one of their working vehicles, maybe replace tools. It’s
really for businesses that just want to scale up, but not on a large scale, or just want to replace some items,” said Ms Butler.
“The maximum lending capacity is $15,000, and this has been one of our most successful programs. It’s for businesses in the tourism space, manufacturing, agriculture and fishing.”
Ms Butler said the BDB has also launched a grant/loan offer (GLO) programme designed to support tourism-related businesses. This provides up to $20,000 to micro, small and medium-sized enterprises (MSMEs).
The programme incorporates a $5,000 grant, so the remaining $15,000 is debt financing.
Mr Butler said the programme received more than 200 applications during the first round, but many others were incomplete so it will be relaunched shortly.
“We launched a GLO programme, which was an initiative in the tourism space, and that was a grant and loan programme. The maximum is $20,000, so that’s for businesses who just wanted an opportunity for funding on a smaller scale. The beauty of that particular programme is
that it incorporated a grant, so it works for a whole lot of people because they have a small debt to service,” said Ms Butler.
“Phase one of that particular initiative is now completed. The deadline for applications was December 31. We had over 200 applications. Unfortunately, most of those applications were incomplete. So, we are relaunching this initiative again as phase two, and we’re probably going to get a whole lot of applicants again, but I believe that we’re going to get more completed and successful applications.”
have anything happen out there, how are all these people going to get out of one security gate?
“Sometimes you go to the bathrooms, one or two toilets are not working, the face basin is not working. It’s small things like that. A lot of people have been complaining about it, but…” However, both said visitor bookings are up.
Ms Butler added that all applicants must have an updated Business Licence, a business plan, quotes that do not exceed the programme’s maximum funding amount and, in some cases, asset insurance.
“We’re very excited to let vendors know that this initiative is here. This opportunity for funding, along with a grant, is going to be available for them again,” said Ms Butler. “For all of our initiatives and all of our funding, you need to have a business plan, an updated Business Licence and provide quotes. Those quotes cannot exceed the initiative amount and, in most instances, you’re going to need asset insurance.”
MARINE FORECAST
‘LACK OF FAMILIARITY’ HURTING OUT ISLAND TAX COMPLIANCE
LACK of familiarity with Business Licence and VAT processes is causing many Family Island businesses to be non-compliant with their obligations, the tax authorities said yesterday.
Beaumont Todd, communications and training manager at the Department of Inland Revenue, speaking at a seminar aimed at helping companies to navigate the business registration process said it has held several training seminars in both New Providence and the Family Islands to
ensure entrepreneurs are aware of what it takes to be tax compliant. “What you find with a lot of businesses sometimes on the Family Islands is persons are not familiar with the process of what they need for them to be compliant. So, this is a part of why we’re going through this process,” said Mr Todd. The seminar yesterday assembled government regulators, private financial institutions and marketing partners to assist new and existing businesses. Mr Todd explained that many business owners have expressed difficulties dealing with bureaucratic processes, and the event not only sought to demystify the
process but provide practical resources for entrepreneurs.
“Persons start with our website to start with their trade name, but then they still have to go to the different regulators to get the assistance that they need. So what we’ve done with the financial symposium is bring a lot of those different regulators in one place to assist persons who are trying to start a business, may already be in business or are looking to grow their business,” said Mr Todd.
He added that financial institutions were also invited to advise entrepreneurs on how to keep better financial records so it will be easier to access funding to scale their businesses.
Merchants seek to counter higher shipping cost threat
By ANNELIA NIXON Tribune Business
MERCHANTS and ven-
dors are already developing strategies to cope with a potential 50-60 percent jump in shipping costs if the US goes through with imposing a $1m per port call on Chinese-made ships.
Karen Brown, the RM Bailey Park Association president, warned that “we think we have it tough now, it’s going to be rougher”. She said that in an attempt to “stay ahead of the game” she has already shopped for Easter, Mother’s Day and Father’s Day, suggesting other vendors do the same.
“Well, the thing about it is, if the cost go up, then that means the cost goes up to the consumer. There’s nothing you could do about that because if you are paying a higher price, the goal is for you to make a profit. So you can’t make a profit if you offer the same price,” Ms Brown added.
“For me, my advice to vendors; vendors who do the same thing as I do, what I normally do is if I go to shop
and there’s an item on sale, I don’t ever pass up that item. And if it’s something that I know I can sell, it doesn’t matter the season, as long as I see it on sale, I will purchase that item.
“A lot of the times the things what I do are nonperishable items. So for me, my advice would be this is how you need to shop. If you go into Wal-Mart or Target or any other stores, because people like to purchase stuff in those stores other than the Chinese brands, so as long as you see something on sale, then purchase it. That’s that’s the only way you can keep the cost down.”
Questioning whether The Bahamas can seek out alternative supply routes and product sources, Ms Brown said: “I don’t know if they could get around shipping straight through to Freeport instead of going through the US. We have some goods that come out of Panama through Grand Bahama as it is. I think everything that comes out of Panama don’t have to go to the US.
“Maybe that’s an avenue persons have to look at with the stuff not going through the US. Maybe it might be
cheaper. What happened is, if you have pallets coming out of Panama, they have to go to the US. If you bring in containers, like the 20-foot or the 40-foot container, you have the option for them to come into Freeport. They don’t go to Miami. They go to Jamaica, then to Freeport.
“So, I mean, that’s an avenue, everything coming through the Panama Canal. Goods from China everywhere. So that’s an avenue for people to probably look at. Or if it’s coming from China, it comes to the US. But if you go to Panama and bring yourself out of Panama, you have the option where you could use Tropical.”
Gina Luree, owner of Cultureware, expressed frustration at how “selfish” higher shipping costs would be. She argued that both the public and private sector needs to “come to the table” and devise a plan to make The Bahamas more self-sufficient.
“My first initial reaction to this is, ‘Jesus’,” Ms Luree said. “It’s like you’re already fighting. You’re already trying to survive, and now this. Some things you can’t help. It’s beyond
“In addition to the Government agencies, we also have a number of the different banks here because a lot of times persons want to go to the bank and get financing, and the problem is, they’re good at running their business, but they’re horrible at keeping track record of what they do. They’re not good at their compliance,” said Mr Todd.
“The idea is to have the financial persons here to give you advice on, how to keep better records. Also, what do I need to do when I want to expand my business; when I need capital? How do I run my business so that, when I come to you, you don’t reject me and make it easier, as
your control, especially when a country decides selfishly what they are going to do to improve or to alleviate certain things going on with them.
“But [they] don’t think about the trickle down effect, or don’t care about the trickle down effect to those that depend on their services and their goods, countries that may not be able to stand alone. So for me as a small business person, it’s a lot because now it It threatens my livelihood and everything that is attached to it.
“Could we come to the table? Could the Government, along with the private sector and the big businesses in this country that depend on shipping heavily, come together and brainstorm and think of a way to benefit The Bahamas, the country, the people?” Ms Luree added.
“We’ve put the Government there for a reason. We didn’t put them there to to be celebrities. We’ve put them there to make things better for us as Bahamians. To make the country better, to help the country to move forward, to succeed. We’ve put them there to make things better for us as a people, not to go along with whatever people push on us.
“But not only that, we’ve put them there for solutions, to be a voice, to stand up for us, and to be visionaries. If
well as give me the different business services I need?
Mr Todd said the Department of Inland Revenue has designated April for VAT education, during which time business owners will receive assistance with any issues that may arise with the 50 percent VAT rate reduction on uncooked and non-prepared foods.
He added that the agency has already began holding training sessions to work through any concerns and advise businesses on VAT filing requirements with the rate adjustment from 10 percent to 5 percent.
“We had a training session with the Chamber of Commerce where a number of their members were going
we don’t have any visionaries there, then they don’t need to be there. That’s my take. We need to be innovators and forerunners,” she continued.
through the process because they had their concerns of what they needed to do in regards to looking at their systems, but also regarding for when they have to actually do their VAT filing,” said Mr Todd. “When it comes to the VAT education, for the entire month of April all of that will be built into what we’re going to try to assist persons with; what they need to do to get their systems ready. Also, when it comes to the filing process, what they need to make sure that they’re able to be compliant, but also to make sure that the persons coming to the store have gotten the right VAT rate for what it is that they’re actually purchasing”
“And so when something come up like this, then our leaders have got to be in a position, from all sides, it’s not PLP, FNM or CDR or whoever, everybody call an emergency meeting with all the heavy hitters and stuff. Listen, this is what we’re faced with. And because these people, too, have experience for years and years and years as it relates to business and shipping, because we’ve seen it, a change over the period of time.
“Someone like me, who’s a small business person, I’m a small business person, so maybe I can’t think at that level to say this is what to do. But I know if everybody come together and say, ‘Hey, this is what affects me, or how it affects me’, and you know how it affects you, we come together and put our minds together. The Government has to come step to the plate.”
ABACO’S TOURISM
SUSTAINS
DESPITE AIRPORT CONCERNS
FROM PAGE A15
With the peak winter tourism now fast approaching, the duo said they are expecting strong Easter and Summer seasons. But one New Providence-based fishing guide, however, voiced concern over Donald Trump’s trade and tariff policies and what a global economic recession might mean for Bahamian tourism.
“It may impact tourism because then things start to get hard,” Curry Lewis, owner of Lewy’s Bonefish Adventure, said. “Everybody starts to watch their money. As a matter of fact, I just had a Canadian client on Saturday or Sunday, one of them.
“And I started to ask him about it because I know Donald Trump is kind of harassing them also, so I asked him some questions about it. He talked about it a bit, but he is saying that because of that now a lot of businesses are hesitant. They are holding back and not really pushing forward with
stuff there in Canada. Everybody’s waiting to see what’s going to happen.” Fortunately for those on Abaco and Mr Lewis, they do not believe these challenges will stop tourists from visiting The Bahamas. Kate Nottage, of My Bahamian Private Tours and Excursions, said: “Like many others in the tourism sector in the region, we’ve felt a bit of a ripple from the current international political climate with some travellers being a bit more hesitant about booking trips or delaying their plans.
“That said, many guests are still seeking meaningful, safe and memorable experiences, and we’re fortunate to still be seeing strong interest and bookings.” Ms Nottage said there has been a “noticeable uptick” in both inquiries and confirmed bookings. She said they have received advance bookings as well, with some “extending well into the fall of 2025” and “a few early inquiries about dates in 2026”.
NOTICE is hereby given that
LUCKSIONER MESADIEU of Blueberry Hill, Fox Hill Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PM ‘won’t get off that easy’ on Bahamas Moorings deal
say no more about the Bahamas Moorings deal given that it was cancelled and will no longer proceed. “The matter has been stopped and it’s cancelled. That’s the end of that,” the Prime Minister said, effectively sending the message that there is nothing more to see here and public discussion should cease.
However, his predecessor argued: “Nothing can be closed down, and he has to answer the questions. The fact he said what he said indicates there are a lot of questions to be asked, and the Bahamian people should want those questions to be asked. He won’t get off that easy because we have a lot more coming after him since he made that statement. Oh hell no, he’s not getting off that easy.
“He is an employee of the Bahamian people, who hired him. An employer asks the questions, and the employee must answer. He knows there’s a lot more to that, and I will continue to plow and continue to dig, and continue to ask more questions
until we get the appropriate answers that I and the Bahamian people are looking for. The truth.
“They said the Bahamian people had equity in there [in Bahamas Moorings]. If the Government had equity in there, who was responsible for the it and how much was it worth? Table the documents to show we had equity. There are a lot more questions. The matter is not resolved yet. All he has to do is tell the Bahamian people the facts. It’s a lot deeper than many believe. The question is whose name is he afraid to call?”
Promising to “keep digging”, Dr Minnis said he is now “putting together more questions” relating to the Bahamas Moorings deal that he plans to ask and table in Parliament “as soon as the opportunity arises”. He added of the Prime Minister’s position: “He opened up the doorway when he made that statement.
“He has no choice but to answer the questions, and multiple questions will be coming forth from myself so he might as well brace
himself.” The Killarney MP also expressed surprise that the Government has seemingly not addressed the alleged ‘conflict of interest’ caused by Mrs Kemp witnessing a lease on behalf of her husband’s company while employed by the party on the other side of the deal.
“I’m very surprised, very surprised that he has not done anything,” Dr Minnis said of Mr Davis. “He has to protect the Office of the Prime Minister. That’s an institution that has to be protected. That institution cannot be tied up in any form of perceived wrongdoing.”
Many of the principals and places involved in the Bahamas Moorings deal, which was a tightly-kept secret until the lease document was leaked, have strong ties and connections to Jerome Fitzgerald, the Prime Minister’s senior policy advisor. This includes the duo who signed the lease.
Mr Kemp is a long-standing business associate of Mr Fitzgerald, the two having been part of the failed BK Foods bid to acquire the now-defunct City Markets supermarket chain. They later participated in the Trans-Island Traders deal that acquired the
same business just prior to its collapse, with Mr Kemp becoming its chief financial officer. A City Markets-related e-mail, sent to Tribune Business at that time, was also copied to Philip A. Kemp II.
And Raymond Christian Knowles, better known by his middle name, is a boat captain with the ‘Pieces of 8’ tour boat and charter operator, where he is described as “a 30-year veteran on the open waters” who has worked as a commercial fisherman. Mr Fitzgerald, in a 2021 interview with Tribune Business, neither confirmed nor denied when asked whether he had an ownership interest in the company. There are also further connections involving Bahamas Moorings’ address. This newspaper’s own records, plus a VAT registrants list from 2016, reveal that 138 Wulff Road was also once the home of Bahamas Cargo & Logistics (BCL), a company owned by Mr Fitzgerald’s family.
Tribune Business previously reported yesterday how a bill of lading, detailing Bahamas Moorings’ importation of anchors and link chains from China, gives the company’s address as Suite No.5, 138 Wulff Road. That
is now the address of Cubix Bahamas which, like Bahamas Cargo & Logistics, is also a shipping company and freight forwarder. And Mrs Kemp states on her Linkedin page that she has served as “head of marketing communications” for Cubix Bahamas from March 2018 to the “present”. The Prime Minister’s Office, in announcing that both sides had “mutually agreed” that the Bahamas Moorings deal would not proceed following its public exposure, said Mrs Kemp’s role in witnessing the lease’s signing was “under review”. It also quickly announced it plans to develop a national moorings strategy and undertake an inventory of existing moorings - moves likely to be an effort to distract from Bahamas Moorings itself. However, it appears that no further information will likely be volunteered by the Government on its “review” of the lease signing or any other aspects of the agreement. The haste with which the Bahamas Moorings deal was abandoned, just 24 hours after it was exposed, suggests both sides knew it would not stand up to scrutiny of those involved and the absence of competitive bidding on the
management and operation of all Exuma’s mooring sites. Bahamas Moorings, as part of its lease deal with the Government, committed to installing 250 moorings at 49 locations in the Exumas via an investment worth $2.5m. In return for leasing a total 4,615 acres from the Government for 21 years, with effect from February 1, 2025, it had agreed to pay an annual rent equal to 3 percent of gross revenue collected from boaters plus 10 percent VAT. Bahamas Moorings had proposed to charge fees ranging from $25 to $135 per day depending on vessel length, plus fees of between $170 and $250 per day for “super yachts” mooring at its ‘taper buoys again depending on length. Anchorage fees range from 55 cents per foot per day to $1.10 per foot per day, again depending on boat length. Bahamas Moorings argued that its mooring/ anchorage plan would bring order to the present chaos on Bahamian waters by giving boats and yachts designated points where they can tie up, thus preventing damage to the seabed, coral reefs and other ecosystems from anchors dragging.
Parliament’s watchdog set to grill Ministry of Finance chief
Games will follow “shortly thereafter”.
Confirming that the Committee’s interview of Mr Wilson has been rescheduled for next Tuesday, having originally been due to take place yesterday, Mr Pintard confirmed it will cover multiple Auditor General reports previously laid in Parliament including the 2021 assessment of the Government’s accounts “and all matters related to that, including the Public Hospitals Authority (PHA)”.
That is a period when the Minnis administration, whose Cabinet he sat in, were in office. “We will cover a range of hot button issues and also look at CARIFTA and the Bahamas Jubilee Games, where the Auditor General’s findings unveiled clear discrepancies,” Mr Pintard told Tribune Business
“We think there’s some tough questions he [Mr Wilson] will have to answer given the pivotal role he plays in overseeing some of the key decisions of the Government as it relates to the Public Finance Management Act. There were clear breaches and we haven’t seen corrective measures put in place.
“Some of those reports have gaps of months between them, and yet we see the same infractions, highlighting why - after substantial time between these reports - these oversights, these irregularities, these infractions of the Public Finance Management Act... why are their continuing to occur? Is it neglect, is it woeful or is the decision simply not to comply with what’s in the law?”
Speaking to the Committee’s progress, Mr Pintard said: “We are pushing. We have had a number of significant interviews already. We are making progress and have multiple reports to lay in the House of Assembly and will share the content with the public. We are pushing through, and our meetings are frequent and they will continue to be.
“One of the reports is substantially complete. We have to do the final vetting, and hopefully we will lay it in the month of April. In April we will lay that first report. That’s the Consumer Protection Commission’s rental of that building it’s in. We’ve done the bulk of the inquiries on CARIFTA and the Bahamas Jubilee Games, and expect those will follow shortly thereafter.
Delta contractor’s staff lose in dismissal claim
FROM PAGE A16
happening came from Mr Bannister”. They attended interviews and training with Strachan’s Aviation in July 2019, while still working for More Security (Bahamas), and were formally hired by the former in August that year. However, when Mr Holmes found out about this, he visited Exuma and told all staff to “stand down”, which they interpreted as him not wanting them to join Strachan’s Aviation. Ms Tinker said the latter paid higher wages than More Security (Bahamas), and that she was performing the same duties at Exuma International Airport as before.
Mr McPhee’s tale was similar in that he found out from Delta Airlines staff about the security contract not being renewed with More Security (Bahamas). And, in addition to recalling Mr Holmes telling staff to “stand down”, he also testified that Mr Bannister “made an offer to him and the other staff to continue their same job” with Strachan’s Aviation.
Mr Gibson, meanwhile, a security supervisor, asserted that “because he was ‘young’ and ‘trusting’ he did not consider it strange” that a competing company in the form of Strachan’s Aviation and Mr Bannister - rather than More Security (Bahamas) and Mr Holmes - would call all workers to a mid-July 2019 meeting to make an offer to join his company when they were still employed by a rival.
Mr Gibson “found out that from March 2019 that Mr Holmes was to renegotiate the Delta contract but failed to do so as well as he failed to inform his staff that he no longer possessed it. He also confirmed that training occurred while he was still employed with More Security (Bahamas) and, at that time, “Delta had suspended all flights
“The financial secretary is the principal person we have to interview now. We have met with the chief executive of the local organising committee [Lynden Maycock], at least three permanent secretaries associated with these events one way or another, chief financial officers and have had a wide range of consultation on these matters.” The permanent secretaries included Cora Bain-Colebrooke and Harrison Thompson.
Bahamian taxpayers incurred an extra $7m bill to cover cost overruns for the 50th CARIFTA track and field championships and Bahamas Jubilee Games, the Auditor General’s report revealed. The Government overshot its upgraded $4.9m spending allocation through a neartotal $12m outlay on the two events.
This $7m overrun occurred despite the Government, in its 2002-2023 supplementary Budget, more than doubling spending on the Bahamas Jubilee Games from the original $1.5m to $3.5m - an increase of $2m. CARIFTA expenditure was also increased, albeit by a more modest $400,000, to take it from an initial $1m to $1.4m in the same 2022-2023 fiscal year.
However, even these increases proved woefully
insufficient to cover the Government’s ultimate outlays, which came to $5.559m for the Bahamas Jubilee Games and $6.43m for hosting the regional CARIFTA championships.
When the figures are combined, the total $11.989m total exceeds the $4.9m supplementary Budget allocation by more than $7m or 145 percentmeaning the spend is more than double what was predicted. And the Auditor General’s Office, in its CARIFTA report, reveals that the net loss, or deficit, incurred by The Bahamas from hosting the event was almost 20 times’ what was forecast.
The CARIFTA Games Company Ltd, which was incorporated to oversee the event’s planning and hosting, had predicted a modest $42,060 loss but this, in reality, turned out to be 1,972.9 percent greater at $829,821. This resulted in the deficit being some $787,761 higher than expected.
The report shows that the Government, which had already provided some $5.279m in funding through the Ministry of Finance and Ministry of Youth, Sports and Culture, was forced to further dip into the taxpayer well and come up with another $1.151m to cover “outstanding bills”
due to Bahamian vendors and event staff. This brought its total CARIFTA spend to $6.43m.
Mario Bowleg, minister of youth, sports and culture, countered that the CARIFTA games generated a $185,503 “net surplus” even though this was only made possible by a taxpayer subsidy more than four times’ higher than budgeted.
The CARIFTA Games Company’s financial statements, which then had yet to be tested and verified for accuracy by an independent external auditor, showed this “surplus” was only made possible via a $6.433m subsidy provided by the Government using Bahamian taxpayer dollars. Without such a contribution from the Public Treasury, the championships and event organiser would have incurred a near$6.25m loss or net deficit.
Mr Bowleg, though, took a different position by stating: “This financial report clearly indicates the CARIFTA games ended successfully in a surplus of $185,000, and not a deficit of $800,000. This settles the matter of any overspending.”
Meanwhile, the Committee’s inquiry into the Consumer Protection Commission’s new rental offices was triggered after the
Chinese ship fee threatens Tropical Shipping survival
FROM PAGE A16
and they were working like three or four-day work weeks”.
Tackling the trio’s claim for unpaid notice, redundancy and vacation pay, Ms Godet said all three had agreed that Mr Holmes’ call for them to “stand down” meant not to accept a job with Strachan’s Aviation, even though the latter was the only entity informing them of their fate.
“The fact that the applicants were unaware that the respondent company [More Security Bahamas] had, in fact, secured the Delta contract as a sub-contractor to the same company that had curiously poached and procured their services led to their disadvantage if one may call it that,” Ms Godet ruled.
“On one hand they all averred to receiving higher wages, and this was sufficient a motivation for them to leave the presumed ‘uncertain’ for the certain but there, in the judgment of the Tribunal, was no hint of the respondent’s intent to release his staff one way or another.”
As a result, Ms Godet found there was no evidence to suggest that the trio had been terminated. While acknowledging that Mr Holmes and More Security (Bahamas) should have done a “better job” communicating with staff, she determined that the three had switched employers because “they needed to keep their head above water”.
And, as a result, they were never dismissed because they “chose their own path” based on what they were told by Mr Bannister and withdrew their services from Strachan’s Aviation. “The respondent made no determination as to the diminishing of his workforce. That decision was made for him when his employees ‘voted with their feet’ based on information coming from other forces,” Ms Godet ruled.
enter the Port of Palm Beach 15 times per week on average. Under the proposed action, and based on our current fleet of vessels, Tropical would be charged port fees of $11.25m per week ($750,000 x 15) or $585m per year.
“Fees of this magnitude unquestionably threaten the ability of Tropical to continue operations,” the cargo operator continued.
“The added port entry fees for Tropical would necessarily have to be spread by Tropical across all operating costs for freight inbound to, and outbound from, the United States on its arriving vessels subject to the proposed fees.
“Moreover, the typical loaded TEUs on the vessels serving the Caribbean basin are approximately 850 TEUs per vessel. The fees per entrance of a vessel to a US port as set out in the proposed action, if applied to vessels of this size, would almost double current freight rates in the region with an average freight increase of $2,352 per 40-foot container.
“As a comparison, if you applied the proposed $1m fee to a vessel that calls on a single US port directly from China carrying 16,000 nominal TEUs, it would increase the cost per 40-foot container by only $125,” Tropical Shipping reiterated.
“The disproportionate impact of the proposed action on companies like Tropical and its US exporter customers is obvious and substantial, and would significantly disadvantage US carriers and US exporters in favour of Chinese and other foreign-owned vessels carrying foreign goods on much larger ships.
“A rate increase of this magnitude would be cost prohibitive, and it would be catastrophic for US exporters to the Caribbean Basin because the increased freight costs would cause customers in the region to buy goods from outside the United States.”
Continuing its argument that the proposed would have the opposite impact to what the US intends, namely countering Beijing’s economic expansion, Tropical Shipping said it presently has nine Chinesemade vessels in its fleet. The freight operator said these were sourced because there was “no practical option” to purchase or build them in the US at the relevant time due to “extremely limited supply”.
“Tropical’s fleet consists of vessels designed to serve shallow-draft ports in the Caribbean. This capacity to serve a broad range of ports in the region enables Tropical to directly serve markets that the ultra large container vessels, on which the larger global carriers rely, cannot directly serve,” Tropical Shipping explained.
“By offering frequent, superior service throughout its broad network of ports, Tropical and other American-owned carriers have been able to compete effectively in the Caribbean Basin against the large, foreign-owned carriers that otherwise dominate global shipping outside the Caribbean Basin....
“If US vessel operators like Tropical are forced to exit the Caribbean Basin due to the proposed action, non-US interests, including Chinese interests, will benefit. China is already seeking to exert influence in the Caribbean through its Belt and Road initiative,” Tropical Shipping added.
“The exit of operators like Tropical will allow for an expanded Chinese presence in the Caribbean Basin, negatively impacting the value of this important US ‘third border’. Indeed, there is a significant risk that China would turn the Caribbean Basin into the new China Red River.
“The proposed action would have a direct and prohibitive impact on the cost of shipping between the US and the Caribbean Basin. It is, therefore, a serious threat to Tropical and the thousands of US exporters that sell American products in the Caribbean Basin.
“It is not in the US interest to implement any remedy in this case that would surrender this valuable export market to other countries and cede international maritime transport services to non-US owned carriers.”Bahamian businesses, too, have warned that the US plan to levy up to $1m fees per port call on Chinese-made ships “will kill us” and “make no sense” for either this nation or American firms.
Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division head, in feedback submitted to the US Trade Representative’s Office echoed some of Tropical Shipping’s concerns
agency’s deputy chairman, Tyrone “Rock” Morris”, approached it and voiced concern that the required protocols and procedures over the lease agreement had not been followed.
This, though, was denied by the Ministry of Economic Affairs, which said: “The Government of The Bahamas’ acquisition of appropriate and proper physical accommodations for its agencies, as well as the execution of lease agreements, conforms to all policy and procedures as mandated by the Ministry of the Public Service.
“The lease agreement relating to the new physical accommodations of the Consumer Protection Commission and the Consumer Affairs Unit was executed in conformity with the established protocols. The details of outfitting for occupancy are guided and implemented by these same protocols and policies.
“The minister of economic affairs, Michael B Halkitis, states emphatically and unequivocally that he does not now own nor hold, nor has he previously owned or held any interest, in any property being leased by the Government of The Bahamas or any of its agencies.”
by warning it will have a devastating inflationary impact for all this country’s residents in addition to inflicting immense damage on America exporters serving the Caribbean.
“The $1m service fee will increase costs substantially for goods delivered to the US which, in turn, will drive up costs for importers of goods from the US,” Mr Goudie told the US trade watchdog. “This will greatly impact most countries in the Caribbean, especially The Bahamas, which imports the vast majority of its imports from Florida.
“This will also force The Bahamas to find alternate suppliers in Canada, Mexico and Latin America, which will reduce business done by US suppliers. This will most certainly affect most Americans by driving up inflation, which makes no sense.”
Tropical Shipping, meanwhile, proposed that US-owned and based vessel operators such as itself be exempt from the Chinesemade ship fee. And it urged that any such fee be based on future additions, not existing vessels and fleets, as it has not purchased ships from China for eight years.
The carrier also suggested that vessels under 55,000 dead weight tons (DWT), which equals 3,750 TEUs, also be exempted from the fee and that any such charge be based on the weight of cargo offloaded at US ports. It even urged that an exemption be made for voyages between the US mainland and the US Virgin Islands and Puerto Rico.
Wall Street drifts and Trump Media jumps despite souring moods for US consumers
By STAN CHOE AP Business Writer
WALL Street edged higher in a quiet Tuesday after roaring the day before on hopes that President Donald Trump's tariffs may not be as sweeping as earlier feared.
The S&P 500 added 0.2% after jumping 1.8% Monday to one of its best days of the last year. The Dow Jones Industrial Average inched up by 4 points, or less than 0.1%, and the Nasdaq composite rose 0.5%.
U.S. stocks have recovered a chunk of their losses since falling 10% below their all-time high earlier this month, for their first "correction" since 2023. The S&P 500 is now down 6% from its record, and that drop has left the market looking less expensive than before, which had been a major criticism following its euphoric rise in earlier years.
But strategists along Wall Street warn that more sharp swings are still likely on the way with an April 2 deadline looming. That's what Trump has called "Liberation Day," when he will begin tariffs on trading partners that he says will roughly equal what he sees as the burden each of them puts on the United States. Monday's spurt for Wall Street came on hopes that Trump's "reciprocal" tariffs may
be more targeted than had earlier been feared.
"We think markets are underplaying the risk of a tariff shock in early April," according to Ajay Rajadhyaksha, global head of research at Barclays. He points not only to traders' expectations for upcoming volatility in the stock market but also to the values of the Mexican peso and Canadian dollar, which haven't weakened substantially from the last postponement of tariffs.
Even if Trump's tariffs do end up being less painful for the global economy than feared, all the dizzying talk about them has already soured confidence among U.S. households and businesses. The fear is that could lead them to cut back on their spending and freeze the economy.
A report on Tuesday showed that pessimism among U.S. households is only worsening. The Conference Board's measure of consumer confidence fell by more than expected, mostly because of a tumble for expectations about upcoming conditions in the short term. That dropped to its lowest level in 12 years and is sitting "well below the threshold of 80 that usually signals a recession ahead."
Like other recent surveys, the data showed U.S. households are much more concerned about
Judge orders a June trial for US government's felony case against Boeing
By The Associated Press
A FEDERAL judge in Texas has set a June trial date for the U.S. government's years-old conspiracy case against Boeing for misleading regulators about the 737 Max jetliner before two of the planes crashed, killing 346 people.
U.S. District Judge Reed O'Connor did not explain in the scheduling order he issued on Tuesday why he decided to set the case for trial. Lawyers for the aerospace company and the Justice Department have spent
months trying to renegotiate a July 2024 plea agreement that called for Boeing to plead guilty to a single felony charge.
The judge rejected that deal in December, saying that diversity, inclusion and equity policies the Justice Department had in place at the time might influence the selection of a monitor to oversee the company's compliance with the terms of its proposed sentence.
Since then, O'Connor had three times extended the deadline for the two sides to report how they planned to proceed.
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where the economy is heading than where it is currently. So far, actual economic activity and the job market seem to be holding up despite the worsening moods of U.S. companies and consumers.
On Wall Street, Trump Media & Technology Group climbed 8.9% after the company behind the president's Truth Social platform said it had reached an agreement with Crypto.com to offer a suite of "America-First" investment funds. The exchange-traded funds will hold bitcoin and other digital assets, along with what TMTG called "securities with a Made in America focus spanning diverse industries such as energy." Crypto.com will support the backend technology, provide custody and supply the cryptocurrencies for the ETFs, which will operate under TMTG's Truth.Fi brand.
Tesla rose 3.4% after drifting between modest gains and losses following more grim sales figures from Europe. Its stock nevertheless remains down nearly 29% for 2025 so far.
European sales of Tesla's electric vehicles dropped by nearly half during the first two months of the year, compared with a year earlier, even as the overall market for battery-powered cars grew, according to the European
His most recent extension, granted earlier this month, gave them until April 11 to "confer on a potential resolution of this case short of trial."
The judge revoked the remaining time with his Tuesday order, which laid out a timeline for proceedings leading up to a June 23 trial in Fort Worth.
The Department of Justice declined to comment on the judge's action. A Boeing statement shed no light on the status of the negotiations.
"As stated in the parties' recent filings, Boeing and the Department of Justice continue to be engaged in good faith discussions regarding an appropriate resolution of this matter," the company said. The deal the judge refused to approve would have averted a criminal trial by allowing Boeing
Automobile Manufacturers Association.
In addition to an aging model line, drops in sales may be due in part to CEO Elon Musk's endorsement of Germany's far-right party in last month's national election, his embrace of fringe political movements and a gesture during a Trump event in January that many saw as a Nazi salute. Tesla is also facing increasing competition from Chinese carmakers such as BYD.
Homebuilder KB Home dropped 5.2% after reporting weaker profit and revenue for the latest quarter than analysts expected. Already mired in a slump, homebuilders may face potentially rising costs due to tariffs, which they will have to pass on to buyers. A report on Tuesday morning said U.S. sales of new homes last month were slightly weaker than economists expected.
All told, the S&P 500 rose 9.08 points to 5,776.65. The Dow Jones Industrial Average rose 4.18 to 42,587.50, and the Nasdaq composite climbed 83.26 to 18,271.86.
In stock markets abroad, indexes rose in much of Europe following a mixed finish in Asia.
In the bond market, Treasury yields eased. The yield on the 10-year Treasury fell to 4.31% from 4.34% late Monday.
to plead guilty to conspiring to defraud Federal Aviation Administration regulators who approved minimal pilot-training requirements for the 737 Max nearly a decade ago. More intensive training in flight simulators would have increased the cost for airlines to operate the thennew plane model.
The development and certification of what has become Boeing's bestselling airliner became an intense focus of safety investigators after two of Max planes crashed less than five months apart in 2018 and 2019. Many relatives of passengers who died off the coast of Indonesia and in Ethiopia have pushed for the prosecution of former Boeing officials, a public criminal trial and more severe financial punishment for the company.
persons learn differently,” said Mr Todd.
“One of the things we’ve been doing has been the pop-ups. We’ve been doing the virtual workshop during the process of renew. We’ve actually invited persons into the Department of Inland Revenue, where we were having training sessions of about 10 to 15, persons at a time.
“Our training department is walking them step by step through the process to help persons demystify how they go through the process and, usually, once persons see the process, they’re usually fine and have a little progress”
Mr Todd said the Department of Inland Revenue has already begun training sessions ahead of the April 1 VAT reduction on uncooked and unprepared food items. He highlighted that many businesses have successfully executed a rate adjustment during the VAT-free holidays. VAT on unprepared food items will be reduced to 5 percent, while the rate for cooked food and other items will remain at 10 percent.
“A lot of the businesses have already, from practice, been doing a split because when we have the VAT holiday, that’s kind of what they’re actually doing, in a sense, whereas some of the items are actually still charged at the 10 percent and some of the items are actually charged at the zero rate,” he added.
“The only difference is it doesn’t reflect on the receipt because you wouldn’t see it [as] it’s a related-based item. In this instance, is just an adjustment to their system. Now, I can’t say for all of the businesses, because it depends on the type of point of sale (POS) that they actually have, but I don’t think this is something that they haven’t done in practice.
“We have had varied rates on different items for a lot of these different businesses, so it’s just making the adjustment to make sure that the items that are actually listed would have the correct rate for them at the end of the day.”
Mr Todd said that once the VAT rate reduction has come into effect, all businesses must comply to ensure clients benefit from the savings. If customers encounter an issue, a report can be lodged with the Department of Inland Revenue via social media or telephone.
“We have certain items that have been dedicated for the 5 percent. Now, the reality of it is, every business, based on the law, is required, once it’s those particular items, to charge for the 5 percent so that the clients and the customers can get the benefit,” said Mr Todd.
“And if they don’t, we still have the law to follow up and support what we are actually doing with our compliance unit. This is why persons, if they have an issue, they can always come to us and report to us, whether they call us on our phones or through our social media, and as swiftly as we can, we try to respond and the follow up on their claims.”
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Chapters PTC Ltd.
Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), PLANCTAE LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is 21st March, 2025 Mrs. Marlis Martignoli at Via Pasquerio 1, 6527 Lodrino, Switzerland. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 21st April, 2025
Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), PLANCTAE LIMITED (the “Company”) is in dissolution. Te date of commencement of the dissolution is 21st March, 2025, Mrs. Marlis Martignoli at Via Pasquerio 1, 6527 Lodrino, Switzerland. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 21st April, 2025
Marlis Martignoli Liquidator
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Chapters PTC Ltd. has been completed and the company was struck from the Register on the 18th day of February, 2025.
Delco Investments Limited Liquidator
Notice
FINVAG
INC.
In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FINVAG INC. is in dissolution as of March 17, 2025.
International Liquidator Services Ltd. situated at 3rd Floor Whitfeld Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
PEOPLE work on the options floor at the New York Stock Exchange in New York, Monday, March 24, 2025.
