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Heroic

creates 70 concrete jobs

By NEIL HARTNELL Tribune Business Editor

A GRAND Bahama businesswoman is investing $6.2m in a concrete plant operation that will create up to 70 jobs over the next 12 months as it “ramps up” to full operations following its April 22 ground-breaking.

Glennett Fowler, also FowlCo’s president and chief executive, told Tribune Business that the newlyformed Heroic Group had spent significant time and money on staff training and technology to ensure the venture will be “working at a global standard, not a ‘Mom and Pop’ operation” once production begins from its location off Queen’s Highway.

Disclosing that the operation, to be named Heroic Concrete and Concrete Products, will have the capacity to produce up to 1,700 concrete blocks daily and operate for 24 hours per day, she said it will provide a much-needed boost for Grand Bahama’s economy and job creation on the island.

PI entrepreneur says new evidence found

With much of the plant’s infrastructure and equipment already on the island, and the remainder “in transit” from Europe, Mrs Fowler said Heroic had teamed with Nassaubased RF Bank & Trust to late last year raise $5m to finance the project through a preference share private placement.

Acknowledging that concrete production is a “capital intensive” business, she added that Heroic is forecasting it will need additional financing - and be able to take on new shareholders - after three-five years as demand increases from real estate and foreign direct investment (FDI) projects.

Heroic will be tapping into FowlCo’s maritime and logistics expertise, and its plant’s location near Freeport Harbour, to help export its products from Grand Bahama to construction projects on multiple other Bahamian islands. Besides ready mix and concrete blocks, it is also targeting specialised and custom-made concrete products as well as those that

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Pre-COVID ‘comeback’ still $3bn off GDP target

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS must focus on “how we grow from here” because returning to pre-COVID’s $13bn economic output is “not sufficient to take the ship of state forward”, a governance reformer argued yesterday.

Hubert Edwards, head of the Organisation for Responsible Governance’s (ORG) economic development committee, told Tribune Business that The Bahamas’ “comeback” from the depths of the COVID pandemic in less than three years should not be diminished or ignored.

But, speaking after the Bahamas National Statistical Institute (BNSI) unveiled data showing 2022’s real gross domestic product (GDP) was slightly higher than that for the last COVID-free year of 2019,

Ex-BNT chief fears PI dangerous precedent

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIANS “should be very concerned” that Royal Caribbean’s Paradise Island project sets a precedent that will allow other cruise lines to develop their own private destinations near Nassau, an exNational Trust chief warned yesterday.

Eric Carey, the BNT’s former executive director, told Tribune Business that if the cruise giant’s $100m Royal Beach Club is ultimately given the go-ahead then it will pave the way for the likes of Carnival,

Disney and Mediterranean Shipping Company (MSC) to push for their own exclusive New Providence destinations on the likes of Athol Island and Rose Island.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian entrepreneur battling to restore Paradise Island’s lighthouse is seeking the Court of Appeal’s permission to introduce new evidence he says he has uncovered relating to his disputed Crown Land lease.

Toby Smith, the Paradise Island Lighthouse and Beach Club principal, in a statement issued yesterday to confirm his appeal’s filing said he has “not wavered” in his determination to see his ambitions become reality despite what he described as “4,008 days of trying” to obtain the necessary government permits and approvals.

He spoke out after formally lodging a ‘Notice of Appeal’ motion with the Court of Appeal registry on March 30, which launches his bid to overturn the verdict by Sir Ian Winder, the chief justice,

• Seeks permission to use in lease appeal

• Now ‘4,008 days of trying’ for approvals

GLENNETT FOWLER

TOBY SMITH

COMPLIANCE IS CRITICAL TO CORPORATE SUCCESS

Acompliance programme is an indispensable element for any company as it helps to prevent, detect and remedy potential violations of law and corporate policies. The US Justice Department emphasises that “an effective compliance programme is a critical component of a company’s internal controls and corporate culture, which can mitigate risks and demonstrate a commitment to ethical conduct and accountability”. Such a system can also eliminate, or at least reduce, penalties and fines imposed by regulatory bodies, and minimise the financial and reputational damage caused by non-compliance. A robust compliance programme is therefore essential for companies to operate legally and ethically, and to achieve long-term success.

In appreciating the role of corporate compliance programmes, in just over six months, the US Justice Department has “revised its corporate criminal enforcement policies to focus more on greater individual accountability, further underscoring the importance of having a strong ethics and compliance programme” and “updated their evaluation of corporate compliance

Derek Smith By

programmes”. This all occurred between September 2022 and March 2023. This article will discuss the critical connection between compensation management and consequences within a compliance programme.

Transparent human resources process Transparency and fairness should be the hallmarks of the human resources disciplinary process. In addition, the appropriate

individuals must make decisions regarding disciplinary action, and the process must be followed consistently for all incidents involving misconduct. Any executive exits caused by compliance violations should also be transparent, as well as how the disciplinary process is designed and implemented. Reasons for invoking disciplinary procedures and actions should be disclosed to employees unless legal or other reasons related to the investigation prevent this from happening.

A company should not use pretexts to shield itself from whistleblowing or outside scrutiny. Any disclosure or access restrictions should be clearly justified and necessary.

Compensation scheme design

A compliance culture is fostered by the design and implementation of compensation schemes. All companies should consider whether to include provisions within employment contracts for the recovery of previously-awarded remuneration in the event the recipient is found to have engaged in, or otherwise been responsible for, corporate wrongdoing. If the decision is made to include a ‘claw back’ provision, the action must be

logged and reported on to the extent that laws allow.

Effectiveness of consequence management

In order to ensure effective consequence management of compliance violations, insight can be gleaned from how a company handles reports to its hotline. Companies must ensure they accurately maintain and monitor hotlines, and ensure reports are circulated and addressed through best practice channels. Moreover, root cause analyses of over-reported or underreported behaviour should be conducted and reported on. The investigation completion time when dealing with hotline reports, and their management, must be consistent in every instance. Also, consider linking the effectiveness of the hotline process to executives’ compensation.

Conclusion

In short, corporate compliance programmes are critical for long-term success. Having a transparent and fair disciplinary process, designing a compensation scheme, and managing consequences effectively are crucial.

• NB: About Derek Smith Jr

Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering

specialist (CAMS), and the assistant vice-president, compliance and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

‘RESORTS AND FOOD’ DOUBLE GDP IMPACTS BY $550M

THE Bahamas’ tourism-driven recovery saw “accommodation and food services” and the transportation sectors lead the way in returning 2022’s economic output to preCOVID performance.

Initial estimates for the country’s gross domestic product (GDP) in 2022, unveiled by the Bahamas National Statistical Institute (BNSI), revealed that the contribution from the “accommodation” - hotels, vacation rentals etc - and food services doubled or increased by 100 percent compared to 2021. The sector’s combined economic output jumped from $550.9m to $1.102bn.

Terah Newbold, national accounts statistician with

the Institute, said the increased growth was driven by a combination of the robust tourism recovery and end to many COVIDrelated restrictions.

She said: “Accommodation and food services increased significantly when compared to 2021 - from $550m to $1.1bn in 2022. This growth was largely due to increased tourism stopovers and a return of cruise visitors to The Bahamas as COVID-19 travel restrictions and test requirements diminished globally. Although the increase in this industrial group was significant, when compared to 2019 the level was still 19 percent lower.

“Transportation and storage increased by $149m (35 percent) when compared to 2021 as the tourism sector continued to recover. The

number of visitor arrivals increased the demand for taxi and land transportation. Public administration increased by $244m (30 percent) when compared to 2021 as the purchase of goods and services, compensation of employees and consumption of fixed capital all saw significant increases.”

The “public administration” output shows that the Government continued to play a significant role in the economy when measured by gross value added (GVA), which captures the production capacity of many industries.

Ms Newbold added: “According to the 2022 annual estimates, economic activity in The Bahamas increased significantly by 11.9 percent in nominal terms and by 14.4 percent

in real terms as the business activity returned to pre-COVID 19 pandemic levels.

“Most industries showed modest gains when compared to 2021. In 2022, the total value of goods and services produced in the Bahamian economy was estimated at $12.9bn in nominal prices and at $12.85bn in real prices.” Using the expenditure approach to determining GDP, Ms Newbold said the 2022 increase was driven mainly by a rise in government and household consumption and exports of goods and services. She said: “General government consumption, which includes public administration and defense, public education and public health, increased by $314m (13 percent)

when compared to 2021 - a direct result of an increase in government purchases of goods and services, compensation of employees and depreciation.

“Household consumption grew by $490m (7 percent) when compared to 2021, as businesses fully reopened and employee work hours increased. 2022 saw the reintroduction of face-to-face educational instruction, which resulted in an increased household expenditure for education among other types of expenditures by households.

“Exports of goods and services grew by $1.2bn (40 percent), which was led by the upturn in tourism expenditure as this represents a significant percentage of this sector.

According to the Ministry

of Tourism, both air stopover arrivals and cruise visitors showed substantial gains in 2022.”

The base year for GDP calculations was moved from 2012 to 2018, as the former year was becoming less relevant and 2018 presented the most “normal” in the period 2015 to 2012.

Ms Newbold explained:

“During the past year, the National Accounts team has worked assiduously to re-reference the GDP from the 2012 base year to 2018. The former base was becoming less relevant and limited constant growth for items that did not exist in the base year. The 2018 base year was selected as the most ‘normal’ year between the period 2015 to 2021, and allowed for the incorporation of new and revised data sets.”

Online Customs declarations to be mandatory from June 12

By FAY SIMMONS jsimmons@ tribunemedia.net

ALL returning Bahamians and residents must fill out their Customs declarations electronically, and pay associated fees online, before they land in this country as of June 12, 2023, it was revealed yesterday.

Customs officials advised that use of the digital Accompanied and Unaccompanied Baggage Declaration (C-17 and C-18) forms will be mandatory for all inbound Bahamians and residents from that date onwards.

Nadia Newton-Williams, a grade one revenue officer with Customs’ information technology (IT) unit, said the Exempt App was one of several initiatives launched by the agency to digitise services frequently used by residents, visitors and businesses.

She added: “A part of our mission statement is to improve the effectiveness and efficiency of our operations, and we believe that this new app will do just that. The app was created to facilitate the electronic submission of Customs declarations. We know that as the C-17.

“Presently, Exempt is active and being used by visitors and residents alike. The app is expected to be mandatory for all Bahamians and residents on June 12, 2023. The whole purpose of this app in the long run is to save you time. Once the declaration is paid, the officer verifies your submission. Does their checks as they deem necessary and you are on your way. “

Users are required to complete a one-time registration with an e-mail and scan their e-passport into the app, which will detect and upload all relevant information. Mrs NewtonWilliams explained: “Once you are logged into the app, you will proceed to the ‘Account’ tab. Click ‘Update’, scan your passport and the app will pick up the embedded information from the passport, such as your NIB information and your date of birth details.

“As soon as this is done, your account is officially active. All of your past forms are saved in the comfort of your account if you choose to pay through the cashier in-house. They also have the ability to e-mail your receipts to the account

holder.” The platform will allow users to submit declarations and pay Customs fees prior to their arrival in The Bahamas, with payments made online or at the airport.

Mrs Newton-Williams said: “To complete a declaration in exempt you have to select the form C-17. Full out all your aircraft information. Select your items from a drop down list and their values. Upload your invoices. Decide if you wish to use an exemption or not, and then you have the option to pay online through the app.

“Or you can submit, and once you get to your destination, access the cashier in the hall. Once you have arrived at Customs you’ll pick up your checked bags and just proceed to the next available Customs officer. The officers will pull up your paid declarations via a QR code, verify your items and, once everything is correct, you’re allowed to proceed to the exit.”

The Customs official also detailed the advantages of using the app, including a duty rate search and a digital shopping list. Mrs Newton-Williams said: “The app will calculate your duties based on what

Airport forecasts up to 30% Easter traffic rise

THE Bahamas’ major aviation gateway is forecasting a 15-30 percent year-over-year increase in passenger traffic that will either match or beat pre-COVID numbers for the peak Easter travel weekend.

The Nassau Airport Development Company (NAD), Lynden Pindling International Airport’s (LPIA) operator, in a statement issued yesterday said itself and other stakeholders are gearing up for what is expected to be a busy Easter. Early projections indicate that between April 6 (Maundy Thursday) and April 10 (Easter Monday), an estimated 70,000-80,000 passengers will be processed at the country’s major gateway.

Airport officials were said to be predicting strong numbers across all sectors - US, international (non-US) and domestic

travel - against both the same period in 2022 and when benchmarked against 2019. Last Easter, LPIA had recovered 80 percent of pre-pandemic passenger traffic when 62,112 passengers moved through its terminals. In 2019, a peak year for travel, some 75,000 passengers were processed over the Easter holiday weekend.

“Coming off of a strong first quarter of travel, including a significant boost during Spring Break, we expect to see numbers 15-30 percent over the same period in 2022,” Vernice Walkine, NAD’s president and chief executive, explained.

“Based on our projections heading into the Easter holiday weekend, we anticipate passenger counts at LPIA that will match or quite possibility exceed pre-pandemic levels.”

you input and fees. And if you use an exemption, it will automatically take the exemption from the higherrated items. Travellers can now search duty rates on the app. You can do this by using our duty search option. “If not found, we also have a help desk option where you can actually request the rate and it will be added to the app in real time. Shopping lists feature..... with this feature, you can actually scan your items while you’re in-store. When you scan the items, the items are added to a virtual shopping list on the app.

“When you finish shopping, you can sort through the items and add the items you wish to add to your declaration. There’s an option to change the language of the app from English to one of the following - Creole, Spanish, French, German, Italian and Portuguese.”

Customs plans to establish kiosks for persons that

need assistance navigating the new system, which is estimated to save passengers at least 30 minutes during the arrivals process.

“We hope to ensure that all of the ports are equipped with at least one kiosk. And these kiosks will be to assist persons who may not have a mobile device, or who

may just need help. It is our intention for everyone to use the app. We do hope to have some assistance for those persons in the future,” Mrs Newton-Williams said. “Although that would depend on how busy the hall is, I do feel that it will save at least maybe half an hour.”

To properly manage the uptick in traffic, NAD said it has met with key airport stakeholders including Immigration, Customs, the Airport Authority, US Customs & Border Protection (USCBP), Air Traffic Services (ATS), airline operators, the Royal Bahamas Police Force and the Road Traffic Department. Discussions centred on staffing needs during peak periods, queue management and passenger flow from the curbside to the airside.

Jonathan Hanna, NAD’s vice-president of operations, said the focus for the upcoming weekend is to ensure LPIA is functioning at optimal capacity.

“Since the start of Spring Break, our airport partners have been doing a great job managing high demand and continue to make the

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LPIA gears up for the Easter peak with passenger numbers up across all sectors.

Potter’s Cay must use approved rebuild over fire-damaged stalls

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister says Potter’s Cay vendors, whose stalls were destroyed by fire in April 2021, must use the Ministry of Worksapproved plan to rebuild after the Government was accused of failing to move reconstruction forward.

Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, said the Minnis administration left no formal procedures in place to unlock the financial assistance it promised to the fire-stricken vendors. He spoke out after his immediate predecessor, Michael Pintard, now leader of the Opposition, charged that

the Davis administration is dragging its feet on the rebuild.

Mr Pintard said the Minnis administration had left a “comprehensive plan” to rebuild the destroyed stalls behind after it was voted out of office in the September 2021 general election. “We had architectural drawings designed, and the Ministry of Tourism also assisted,” he added. “We deposited a little over $120,000 at FYP and, in addition to that, the ministry itself allocated funds that was roughly $34,000 to go with it.”

This, the FNM leader said, was designed to kickstart reconstruction of the destroyed stalls. “They could have gotten the shell up, and the vendors could have fitted it out the way

they wanted to, put the pilings in and have running water,” Mr Pintard said.

“If you look at the period of time, from the fire to the time we did all of that, waiting on Ministry of Works to give the final approval to

commence construction.... You compare that to this administration that’s been in now one year and seven months, which is substantially longer than the period of time for which they were berating the former administration for having not rebuilt those stalls.”

But Mr Sweeting, in a statement, said: “I was aware of a verbal commitment by the former administration of assistance for the fire victims at Potter’s Cay. Government is continuous and we wanted to honour the verbal commitment of the former minister.

“There were no procedures put in place. So what we did is we got a Cabinet approval to assist the fire victims. In that respect, we got approval to allocate

funding in the same amount that the former government promised them at FYP for supplies.

“All of that has been completed. The stall owners have access to that funding. We also assisted with getting approval from the Ministry of Works for a site location, the proper plans and architectural renderings to ensure that we are providing a proper ambiance at this site at Potter’s Cay, and it’s something that is streamlined, so we did that. The funding is available at FYP as long as they utilise the plans that were provided and approved by the Ministry of Works.”

Potter’s Cay vendors have complained against the site plan presented to them, arguing that it does not allow them to put pilings

GB ‘stagnant’ due to Port and Gov’t divide

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE OPPOSITION’S

leader says Grand Bahama’s economy is “stagnant” due to the lack of co-operation between the Grand Bahama Port Authority (GBPA) and the central government in Nassau.

Michael Pintard, speaking on a talk show, said Freeport’s quasi-governmental authority and central government are “not working in tandem” to enable Grand Bahama to thrive. He added: “If you’re saying that, economically, Grand Bahama is stagnant, I would say, yes, I agree.

“If you say that the GBPA and the central government not working in tandem with each other, and there is very little

respect for local government, because you have central, municipal - which is the Port Authority - and local government, I would agree, we are in crisis. If you say that there hasn’t been sufficient attention by policymakers because, at the end of the day, they are Nassau-centric in their focus, then I would agree”

Mr Pintard also agreed that the Hawksbill Creek Agreement, Freeport’s founding treaty, needs a “fresh look” but said The Bahamas needs to continue with the concept of Freeport being a free trade zone because such areas have reaped economic benefits for other countries. “But since the death of Edward

St George and the team he worked with, we have seen a fall-off in terms of visionary leadership backed by resources,” he added.

“I don’t doubt for a moment that there’s talent in the GBPA; both the owners, the shareholders as well as the persons who work for the GBPA.

I believe that they are talented. What we are not getting, however, is a couple of things.

“One, we are not getting the resources to underpin the ideas they may have, and there seem to be an exclusive reliance on others to come in with the resources. The land is being used as the leverage in terms of their investment in that partnership; it has to be more than that,” Mr Pintard continued.

“The owners of the GBPA today, or if they are

future owners, meaning they sell, have to also come to the table with resources that are being pumped into the transformation of the creation of a new city of Freeport.

“The second thing is this relationship with central government, in my estimation, is a weak relationship. It was weak under the Free National Movement, the last dispensation where I served in the Cabinet. We take responsibility for that, and it’s certainly weak under this administration.”

Mr Pintard said he was not keen on central government retaking control of Freeport, and believes in the municipal government system that the city has. “I know that there’s some discussion, and some persons might deny that there is a discussion about the Government looking at

down into the seabed as they had it before. But

Mr Sweeting said: “The situation in regards to the seabed does not fall under this ministry.

“That is approval that is required on the legislation that was passed in 2019 in regards to DEPP (Department of Environmental Planning and Protection) approval, so that would come to the Ministry of Environment and Environmental Planning.

“So, for us, we did what we could on our behalf. We approved them. We are not hindering them at all. Building the stalls has been approved. The funding is available in excess of $60,000 per vendor, and we want to do what we can to assist them.”

the purchase of the GBPA, whether as a temporary step to a new buyer being pursued or seeking to encourage existing shareholders to basically sell to another party,” he added.

“Just let me just put it out there. I’ve certainly been in conversations with groups that have interests who are also talking to the Government, so they can deny that this is a live conversation. I’m saying that it is. I do not believe that we should in Grand Bahama support, particularly this administration, being the purchaser of the GBPA, 75,000 acres with all of the powers that are invested in this present construct of the GBPA, DevCo, the development company that has the all of the land in inventory.”

CLAY SWEETING

MICHAEL PINTARD

Week in review

By CHRIS ILLING

Week in review In the US, the Dow Jones and Nasdaq climbed on Friday and were at their highest level for four weeks. The European indices were also continuing their recovery. The losses since the collapse of Silicon Valley Bank, which started the global banking industry’s problems, are almost balanced.

The most recent wave of recovery was driven by hopes that the world’s central banks will be less tough on inflation in the future. The slight fall in inflation in the euro zone is bolstering

hopes that central banks will slow down a little when raising interest rates. In March, consumer prices rose by just 6.9 percent year-on-year.

But despite the decline in inflation, there can be no talk of the all-clear signal. The core inflation rate, which excludes volatile energy and food prices, as well as alcohol and tobacco, continued to rise in March

to a record 5.7 percent. In February, core inflation was still 5.6 percent.

Inflation is increasingly affecting the services sector, above all the hotel and restaurant industries, plus the tourism and events segment. The European Central Bank (ECB), which is aiming for 2 percent inflation as the ideal value for the euro zone, has raised interest rates six

times in a row since July 2022 to help curb the sustained rise in prices, most recently by 0.5 percentage points in mid-March.

Asia’s major stock exchanges rose as well during the final trading day last week. In Tokyo, the leading Japanese index, the Nikkei 225, rose 0.9 percent. The CSI index, which includes the 300 most important stocks on the Shanghai and Shenzhen

stock exchanges, gained 0.2 percent. Another sector which had a positive week were the digital currencies. Ongoing concerns about the stability of the banking sector are driving investors into Bitcoin. The cyber currency was last at $28,553. According to industry experts, investors have recently fled to investment alternatives such as Bitcoin to park liquidity. Since the collapse

of the Silicon Valley Bank (SNB) three weeks ago, Bitcoin has gained almost 40 percent.

Oil prices initially barely moved last week. Trading on the crude oil market has been quiet recently. The fact that the banking turmoil in the US and Europe has calmed down somewhat is causing prices to tend to rise. The corresponding economic risks have not increased at least.

DPM heads Bahamian team at cruise summit

CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, last week led a Bahamian delegation to Broward Convention Centre’s ‘Seatrade Cruise Global‘. The event is billed as the “largest cruise industry gathering in the world”. He was accompanied by John Pinder, parliamentary secretary in the Ministry of Tourism, Investments and Aviation; Senator Randy Rolle, global relations consultant in the Ministry of Tourism, Investments and Aviation; Dr Kenneth Romer, the Ministry of Tourism, Investments and Aviation’s deputy director-general and director of aviation; Latia Duncombe, the director-general of tourism; Phylicia Woods-Hanna, director of investments; and other officials and staff.

Photos:Kemuel Stubbs/BIS

HEROIC $6.2M INVESTMENT CREATES 70 CONCRETE JOBS

are carbon-neutral and more environmentally friendly.

Mrs Fowler, revealing that Heroic decided to enter the market and set-up its concrete plant in November 2021, told this newspaper:

“Our expectation is that it will be a $5m-$6m buildout for full operation of the plant. We’ve acquired property in Freeport for the plant off the Queen’s Highway and we expect to break ground on April 22.

“Right now we’re going to have about 21 employee at the outset and ramp up to 32 employees once we’re fully operational. The overall Heroic Group will employ 70 people at the end of this exercise. For the concrete plant, we’re looking to get to 40 staff. For the

entire group of companies, we anticipate this time next year that we will be around that [70] headcount. There will be administration, sales people, truck drivers and customer service.”

Mrs Fowler explained that the first phase buildout will focus on ready mix production, with the second stage involving block production and pre-cast products such as parking lot bumpers, curbing and pyramids as the Heroic operation builds momentum. She added that clients will also be able to order custom-made products specifically designed for their needs.

“It will be about $6.2m,” Mrs Fowler, also Heroic’s group president and chief executive, said. “We expect to be completed some time

around October 32 this year according to the project timelines. We’ve already done an environmental impact study to make sure we’ve done it right. We’ve done a lot of health and safety training to make sure we’re working to a global standard, not a ‘Mom and Pop’ production. At the end of it all we want a worldclass concrete operation.

“We’ll have a fully automated plant that will be operating this business. We’ve been working with some of the cement industry suppliers for a few years to determine what to bring to the market. We wanted to go to the market to provide an envrionmentally-friendly product.”

Besides the ready mix, concrete blocks and specialist custom-made products,

Mrs Fowler said Heroic has also been working on carbon-neutral items that can be used in infrastructure such as marina walls. “We’ve been testing this new product, and want to have it in the mix with conventional products you have at home,” she explained.

“We have also been training our team to be American Concrete Institute certified, doing training in Las Vegas. We have our own concrete testing facility in Freeport, and will be able to produce on a mass scale. We can run for 24 hours, and run 24-hour shifts, to meet the demand. We’re going to be able to produce 1,700 blocks on a daily basis if we want to go up to that.

“It’s a very high output facility and, because it’s automated, it’s a very tech savvy operation. We really don’t have to worry about mistakes etc because everything is programmed into the system from day one in terms of the mix that people want and the PSI levels.” Heroic worked with an Italian company, MCT, which specialises in concrete plants and production to help establish its Grand Bahama operation.

Mrs Fowler confirmed that the $5m financing raised with RF Bank & Trust’s help was likely to be just the first in a series of capital-raisings that will roll-out over time.

Speaking to the private preference share placement, she told Tribune Business: “We’ve raised capital to ensure we have the necessary financing to proceed with a strong brand and business. It’s a capital intensive operation.

“RF Bank & Trust has been with us for a few years, and with this new opportunity coming on stream we wanted to ensure the company was well-capitalised. We’ve done one capital raise, and with that we were able to purchase all the plant and supporting equipment to go along with it.

“I do think this will be a world-class operation happening in Grand Bahama. We’re poised to do that. That’s the anticipation. As we build-out we will be able to realise more opportunities on a larger scale. We anticipate that in five years, or sooner - three years - we will be able to take on additional shareholders and raise additional capital to take on other projects and specialise in unique products that are difficult to get in the country and you must go outside to pursue them.”

Heroic’s concrete manufacturing plant launch coincides with potential real estate, resort and related infrastructure projects coming to fruition in Grand Bahama and elsewhere in The Bahamas. On the former, there is Carnival’s $200m Grand Port project; Weller Development’s $250m Six Senses resort and Barbary Town new town; the potential Royal Caribbean/ITM project at Freeport Harbour; a new eco-resort near Holmes Point; and, maybe down the road, the Grand Lucayan. If all goes to plan, there will be a significant demand for concrete and related products on Grand Bahama alone. Western Atlantic University’s School of Medicine expansion is also poised to move forward, as is Doctor’s Hospital’s new Freeport medical facility and a new public hospital for Grand Bahama.

Heroic will be competing directly with Bahamas Hot Mix (BHM), which has recently expanded its own Grand Bahama concrete plant, and is part of the Grand Bahama International Airport winning bid. However, it is also entering at a time when a vacuum has been created by the acrimonious exit of the Del Zottos and Gold Rock Corporation, although Mrs Fowler said this was not connected in any way to her venture’s launch.

“The reality is we didn’t know what their situation

was,” Mrs Fowler said of the Del Zottos. “We went through the normal process of getting the Business Licence, did market research, sourced the manufacturing plant and made the determination to go into this business a few years ago.”

Heroic will seek to use its Bahamas location, proximity to Freeport Harbour and maritime/logistics ties to gain an advantage over foreign producers. Mrs Fowler said it will look to exploit these advantages to “maximise” the opportunities it has by getting product to construction clients more rapidly, and at a lower cost, than if they have to place orders abroad.

“We are hoping that the quality we deliver stands up to what clients want to have on a commercial level,” she told Tribune Business. “We feel that because of the ramp-up happening in the country in any event that we will be able to meet the demand on various islands.

“We anticipate that a gradual market share will be achievable for us over time. We can’t say that it will be immediate on day one, but we will produce at the level we need to produce at to get the high-level projects to look at us. For some of the larger projects, they’re eager for us to get ready to go. By the time we get to the point of commissioning some things will be realised with some projects. That’s the anticipation.

“The reality is we can control what we produce versus bringing it into the country. It’s a 100 percent Bahamian-owned company and, because of the level of training and development of the team, we’re looking at persons who have experience working in the industry who are wellserved to take us across the finish line coming out the gate.”

TESLA SALES RISE 36% IN FIRST QUARTER, FOLLOWING PRICE CUTS

By TOM KRISHER AP Auto Writer

TESLA’S first-quarter vehicle sales rose 36% after the company cut prices

twice in a bid to stimulate demand.

The electric car, SUV and heavy truck maker said it delivered 422,875 vehicles worldwide from January to March, up from just over 310,000 a year ago. But the increase fell short of analyst estimates of 432,000 for the quarter, according to FactSet. The first quarter sales were a record for the company.

Tesla cut prices in early March on its more expensive models, the S and X, by $5,000 to as much as $10,000. In January it slashed the sticker numbers on several versions of its EVs, making some eligible for a U.S. $7,500 federal tax credit. Some versions of the top-selling Model Y small SUV saw price trims of nearly 20%, and the base price of the Model 3 small car was dropped by 6%.

The price cuts appeared to have raised demand despite increasing interest rates designed to slow the economy and curb inflation. Since the U.S. Federal Reserve began raising rates in March of last year, the average new vehicle loan has jumped from 4.5% to 7%, according to Edmunds data.

Analysts are watching to see if the price drops cut into the company’s profit and margins per vehicle. Tesla says it will release first-quarter earnings after the markets close on April 19.

The Austin, Texas-based company said it sold 412,180 Model Y and Model 3s for the quarter, up almost 40% from the 295,324 sold a year ago.

But sales of the aging Model X large SUV and Model S big sedan fell nearly 38% to 10,695.

When Tesla cut prices, some analysts wondered whether demand was slowing. Others suggested the company was taking advantage of its higher profit margins in a bid to pull market share from upstart

companies and legacy automakers that are starting to sell more EVs. Some analysts predicted the start of a widespread price war that has yet to materialize, at least in the U.S. The growth rate in Tesla’s sales, while impressive, was below the pace needed to reach the company’s pledge to increase deliveries about 50% per year into the foreseeable future.

Tesla produced more vehicles than it sold during the first quarter, making 440,808 as it ramped up production at new factories near Austin, Berlin and Shanghai.

In a note to investors Sunday, Jefferies analyst Philippe Houchois wrote that Tesla’s “excess production over deliveries” will keep the debate going over whether there’s demand weakness or if the price cuts will raise demand.

During Tesla’s investor day event in early March, CEO Elon Musk conceded that affordability remains a drag on sales but said many people still want to buy a Tesla. “The limiting factor is their ability to pay for a Tesla,” he said.

The top-selling Model Y, for instance, starts at $54,990, while the Model 3’s base price is $42,990. A Model S has a starting price of $89,990, while the X starts at $99,990.

Tesla also has been coming under increasing scrutiny from U.S. safety regulators, who have opened multiple investigations and forced a recall of the company’s “Full Self-Driving” software for unsafe behavior. The National Highway Traffic Safety Administration is investigating Tesla for steering wheels that can fall off, seat belts that may not hold people in a crash and partially automated systems that can crash into parked emergency vehicles or stop for no reason.

Pre-COVID ‘comeback’ still $3bn off GDP target

he argued there was already consensus that this level of economic output is still some $3bn short of what is required to meet the country’s economic and fiscal objectives.

With the Government seeking to increase its revenue-to-GDP ratio to 25 percent by the 2025-2026 fiscal year, and the recentlypublished Fiscal Strategy Report setting targets for a near-$16bn nominal GDP and $4bn in annual government revenues by 2027, Mr Edwards told this newspaper that achieving these goals should now be the priority for policymakers.

Arguing that the “comeback” to pre-COVID GDP merely “sets the foundations”, he questioned how The Bahamas will expand its economy beyond “the status quo” without having enacted significant reforms to the infrastructure, policies and enabling environment that foster higher growth and employment.

The Institute, in unveiling its “advance” GDP estimates for 2022, said economic activity last year expanded by 11.9 percent on a nominal basis and some 14.4 percent in real terms “as business activity returned to pre-COVID 19 levels”. The real GDP measurement, which strips out the impact of inflation, increased by $1.614bn year-over-year to $12.854bn driven largely by the strength of the continued tourism recovery.

The latter was also almost $300m higher than 2019’s $12.56m real GDP number, with these figures measuring the total value of goods and services produced within an economy during a given period. “Most industries showed modest gains when compared to 2021.

In 2022, the total value of goods and services produced in the Bahamian economy was estimated at $12.9bn in nominal prices, and at $12.85bn in real prices,” the Institute said.

“Based on a review of the numbers, the economy is seemingly just right back about where we were in 2019,” Mr Edwards said in response. “The growth rate looks very strong coming out of 2020, 2021.... What’s important, as we look at the economy, is we’re right back at almost that $13bn mark for GDP, and that’s a good point to be at this time. The recovery, for the most part, is almost complete.

“In the first instance, it’s very important this has been achieved, and secondly it signals at least a level of robustness even though the economy is not highly diversified or as diversified as we want it to be. It shows the underlying strength of tourism, financial services and other industries that drive the economy. Most of this is driven by tourism.

“There’s still a level of pent-up demand coming out of the COVID crisis, but we need to keep an eye on this and see how sustained it is going forward. There’s nothing to say these numbers coming out of 2023 going into 20234 can be sustained. The question for policymakers is how can this be sustained, and how do we grow from here?”

The GDP data suggests the Bahamian economy may have recovered more rapidly from COVID’s ravages than even the Central Bank has projected. John Rolle, its governor, previously forecast that The Bahamas’ recovery would be completed in 2023 rather than by the end of 2022.

But the $16bn nominal GDP for the 2026-20257

AIRPORT FORECASTS UP TO 30% EASTER TRAFFIC RISE

FROM PAGE B3

necessary adjustments to operate efficiently. As airport managers, our goal is to facilitate their processes by ensuring that our systems are functioning at optimal levels,” he said.

Last fall, NAD’s operations team introduced AeroCloud’s artificial intelligence (AI) technology to manage gate assignments and predict traffic patterns, especially during peak periods.

Mr Hanna added: “We are utilising AeroCloud software to better estimate flight cancellations, delays or diversions, and to keep an eye on weather in our

fiscal year, as targeted by the Fiscal Strategy Report, means the Bahamian economy has to expand by just over $3bn in four years if that goal is to be achieved. And government revenues will have to increase by $1.2bn over the same time period to strike the $4bn mark, while the 25 percent revenue-to-GDP goal is projected to be met in just three years.

“We should not in any way try to minimise this comeback. Work had to be put into getting us here, but we must not over state” its importance, Mr Edwards argued. He added that priority focus must now be placed on achieving sustained 3-5 percent annual GDP growth over the next four years if The Bahamas is to achieve the targets that have been set.

“It forces us to contemplate how we’re going to get there, and whether tourism has the legs to move us beyond this point,” he told Tribune Business. “We’ve recovered back to 2019 levels, but does tourism have the power and impetus to move us beyond this point? If there are projects and initiatives in the pipeline to cause that growth to happen we will be OK. If not, how are we going to achieve those targets, which are very important going forward.

“It’s always an inflexion point when you have a comeback. You’re back to the status quo. The question is how do you grow from a status quo circumstance without there being an underlying change in infrastructure, an underlying change in policy, and an underlying change through reforms.

“We are kind of back where we were with the same enabling system. The question is whether there is

sufficient [tourism] demand to pull the system that existed before further than it went in the past without a push factor [from domestic reform]. How are we going to effectively make the growth projections which have been outlined over the next three to five years?”

Warning that The Bahamas cannot afford to rest on its laurels, Mr Edwards said: “Having lost such a significant portion of our economy to COVID, and before that Hurricane Dorian, work had to be put into ensuring we came back at a sustained and rapid pace. There are many, many other countries, especially

in the region, where growing back to pre-COVID levels and the rate of recovery has not been as fast or as robust as The Bahamas is enjoying.

“We should not in any way, shape or form minimise that. From my perspective, it’s good to be back and we should celebrate that, but we should not spend too much time celebrating. We need to look to the future. The country has clearly indicated that 2019 growth levels are clearly not sufficient to take the ship of state forward.

“We have this 25 percent revenue-to-GDP ratio, growth to $16bn of

GDP, and government revenue needs to grow to $4bn within three to four years. These are critical issues that should be gaining our assessment, analysis and thinking going forward. Coming back is just setting the foundation. How do we get from here to where we need to be?” Mr Edwards added.

“We’ve not seen sufficient change in prior infrastructure, policies and the system to say it will be easy to grow from the present position to where we need to get to.”

source markets. With this critical information, we can communicate in real time to our airport partners and concessionaires so that they can deploy the proper resources to minimise impact on business.” While AeroCloud helps operators manage traffic in terminal and on the airside, focus is also being given to reducing congestion when passengers arrive. In November 2022, NAD opened a cell phone waiting lot where drivers can park for up to 60 minutes free of charge while waiting on arriving passengers. Users must remain in their vehicles as all times while in the lot.

Looking ahead to Easter, officials are urging travellers to take measures to improve their own experience. Passengers are encouraged to arrive at LPIA three hours prior to US-bound flights, and two hours ahead of international and domestic flights. It is also recommended, where possible, to book flights outside the peak travel hours of 11am and 3pm in order to avoid long lines and crowds. Travellers should also stay in contact with their individual airlines and download the AeroCloud mobile app available on Google Play or Apple App Store for real time flight updates. LPIA passengers can also receive direct updates from the airport at www.nassaulpia.com or on Facebook, Instagram and Twitter @nassau_airport.

Ex-BNT chief fears PI dangerous precedent

“I think we should be very concerned,” he explained. “I was just sitting down writing the article, and live at Perpall Tract close to the coast. I walked outside the other day, and looked at Crystal Cay and Balmoral Island. What’s to stop any of the cruise lines from saying to the LJM Maritime Academy: ‘Let us put a facility on your property [Crystal Cay], and we will fund your academy’.

“What’s to stop them from going to any island on the eastern end? Athol Island has a lot of Crown Land. The Government could look at doing the same thing, throwing in Crown Land for another

expansion and using it to take an equity stake in the project. I think the possibility is very real.”

Mr Carey, who will review the Royal Beach Club’s Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) on Atlantis’ behalf once submitted, voiced fears that the Royal Caribbean project could establish a dangerous precedent in another article sent to the news media.

“If Royal Caribbean is successful in creating this closed, private beach experience here on Paradise Island, which beaches closest to Nassau will be next to become private cruise islands?” the former BNT

chief wrote. “Athol Island, Balmoral Island or Rose Island?

“It is likely that other cruise lines will see the opportunity to create similar disconnected venues, taking full advantage of our beauty and natural resources without giving our nation anything in return. Over time, the reduction in the number of cruise line passengers who actually set foot in Nassau or other destinations not owned by cruise line companies will take a serious bite out of our economy.

“From a socioeconomic perspective, I agree with minister [Glenys] Hanna Martin that the cruise lines do not need a private island

experience on Paradise Island, right in the heart of our capital. It is of little to no benefit to Bahamians for the cruise line to take thousands of passengers from their ship and shuttle them across the harbour, away from Bahamian vendors, tour operators, restaurants, and others seeking a piece of the cruise passenger economic pie. This makes no economic sense.”

Mr Carey acknowledged that the $300m Nassau Cruise Port transformation has the potential to drastically increase the number of visitors to New Providence, given that it will have the ability to accommodate six ships - including two of the largest Oasis class - on any given day with potentially more than 30,000 total passengers on-island.

However, noting that Royal Caribbean initially planned to take up to 3,500 passengers across to its Paradise Island beach club (a number the Government says has been reduced to 1,000), Mr Carey said Bahamians should be concerned that similar visitor ‘leakages’ would occur if other cruise lines established private destinations around New Providence. Should this occur, there would be less and less business for operators and employees who rely on the cruise industry.

“A lot of them don’t get off the boat. Fifty percent of them we think don’t get off the boat. The vast majority of them might be going to private islands, and there will be very little economic benefit for Bahamians,” Mr Carey warned. “When they first started private islands, who thought we’d be where we are now.”

He also argued that the cruise lines’ renaming of their private islands, with Gorda Cay having become Castaway Cay; Coco Cay now Royal Caribbean’s ‘Perfect Day’, and Little San Salvador Holland America’s Half Moon Cay, meant Bahamians were in danger of losing their identity.

“Not only are we losing economic activity, but we’re

losing our heritage and cultural identity,” Mr Carey told Tribune Business “These places were named by fishermen, spongers and sailors from way back then. They are not even sacred any more.”

Meanwhile, Chester Cooper, deputy prime minister, speaking at last week’s Seatrade cruise event in Florida, said John Pinder, parliamentary secretary in the Ministry of Tourism, Investments and Aviation, was working to “create multi-destination cruise travel within The Bahamas” with the lines stopping in Freeport, Nassau, Bimini and one of their local private island destinations.

He added that the Ministry of Tourism, Investments and Aviation was also working to “create synergies” with the Bahamas Maritime Authority (BMA), which manages the ship registry on which many cruise vessels are registered, and is targeting a 20 percent increase in cruise arrivals for 2023 after last year’s 5.4m total matched pre-COVID figures.

Mr Carey, meanwhile, said many of Royal Caribbean’s passengers will not experience Bahamian culture and heritage if they are simply taken by boat across Nassau harbour from the cruise port straight to the Royal Beach Club. “Today, when visitors arriving by cruise ship disembark at Prince George Wharf, they are transported into our unique and authentic Bahamian culture,” he wrote. “Guests have immediate access to enjoy Downtown Nassau and opportunities to enter our shops, visit our historical and cultural sites, eat in our restaurants, learn our history, and travel around the island with help from our taxi drivers and excursion operators.

“With Royal Caribbean’s proposed project, that all will change. Instead of navigating through the recreational, commercial and historical offerings of Nassau – such as the Straw Market (where vendors are already struggling), Ardastra Gardens, Graycliff,

Queen’s Staircase and Rawson Square, Fort Charlotte, Arawak Cay, Junkanoo Beach and any number of island tours and excursions - guests will disembark from cruise ships and take water taxis directly to Royal Caribbean’s own port, bypassing our local economy,” the ex-BNT chief continued.

This diversion of visitors, he added, “depicts a frightening scenario that should concern all Bahamians because it threatens the livelihoods of our people who depend on visitors coming through town. In this new set-up, will visitors even see and experience The Bahamas we know and love?

“As [Mrs Hanna Martin] and so many others have advanced, we should be looking to create authentic experiences for cruise passengers on New Providence itself. The forts and other historical monuments, BNT National Parks, the Nassau Botanical Garden, the National Art Gallery, Graycliff’s many attractions on West Hill Street, and local tours are all options that can be developed and expanded to provide wholesome marketable experiences for our visitors.

“And finally, from a nationalistic perspective, I object to giving away the scarce Crown Land on Paradise Island to this foreign conglomerate. I wholeheartedly support the sentiment expressed recently by Minister Hanna Martin, which is that we need to be very careful in how we allocate Crown Land because it is a limited resource, and it is owned by all of our people,” Mr Carey continued.

“As troubling as the environmental threats posed by the proposed beach project are, the socioeconomic and nationalistic impacts may be of even greater concern. All Bahamians should join in that analysis and insist that we value and protect the unique natural beauty and resources that define our proud nation. That should be non-negotiable.”

PI entrepreneur says new evidence found

FROM PAGE B1

who “regrettably” ruled on February 16, 2023, that Mr Smith had no binding lease over the combined five Crown Land acres he needed for his project because the minister thenresponsible for Crown Lands (ex-prime minister, Dr Hubert Minnis) did not execute the document by signing it.

The Bahamian entrepreneur is appealing on nine grounds, one of which involves seeking the Court of Appeal’s permission to introduce fresh evidence - not placed before the Supreme Court trial - which he contends is critical to his argument that he possessed a valid, binding Crown Land lease for two parcels - one three acres in size, and the other covering two acres.

The nature of this new evidence is not disclosed, but the motion says: “The appellant has recently discovered relevant correspondence for which it will seek the court’s discretion to have considered in the interest of justice in this appeal.” Appeal courts are notoriously reluctant to interfere with so-called ‘findings of fact’ by the Supreme Court trial judges, given that they are the ones who watch witnesses being cross-examined and observe the quality of answers and reactions.

This means Mr Smith must persuade the Court of Appeal that he has uncovered some pretty compelling new evidence to merit it being considered during his appeal. Meanwhile, his appeal motion also sought to keep Royal Caribbean in the fray by alleging that the Bahamian entrepreneur should have received “exemplary” damages because the only reason the Government ditched him and his project was to make way for the cruise

giant’s rival Paradise Island development.

Mr Smith argued that the chief justice failed to consider that the Government’s “only explanation and admitted motivation to breach the subject agreement to enter a lease” with him “was that it had procured a ‘bigger deal for $100m as opposed to the appellant’s $3m’.

“There was no explanation proffered as to why the lessor (Prime Minister’s Office) delayed or refused to sign until it was announced that Royal Caribbean had been favoured for a lease of similar nature, terms and conditions over the subject property,” he claimed.

Royal Caribbean and Mr Smith have both been seeking the same two-acre Crown Land parcel for their respective projects.

However, Chester Cooper, deputy prime minister, and minister of tourism, investments and aviation, has said on more than one occasion that the Davis administration’s revised Royal Beach Club deal with the cruise giant is now only for four - rather than seven - acres and does not include the disputed two-acre plot.

This opens a potential pathway for Royal Caribbean and Paradise Island Lighthouse and Beach Club to co-exist as neighbours. However, after Sir Ian’s verdict that he does not enjoy a valid, binding Crown Land lease, Mr Smith has been invited by the Davis administration to reapply for the necessary government permits and approvals - effectively sending him back to the starting line after working for more than a decade to bring his dream to fruition.

However, instead of reapplying, he has thus far moved to challenge Sir Ian’s verdict through the judicial

PUBLIC NOTICE

BY DEED POLL

The Public is hereby advised that I, RAINIQUE AAILYAH MCPHEE of the Island of New Providence, Bahamas intend to change my name to RAINIQUE AALIYAH MONDELUS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

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SHANTEANNA JOSEPH of #224 Flying Fish Street, Carvel Beach, Freeport, Grand Bahama, 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 3rd day of April, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

N O T I C E BANCO DE BOGOTA (NASSAU) LIMITED (the “Company”) (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of BANCO DE BOGOTA (NASSAU) LIMITED is hereby called to be held at the Registered Office of the Company, Building 3 –Office C, Caves Village, West Bay Street, Nassau, Bahamas on the 26th day of April, A. D. 2023 at 10:00 o’clock in the forenoon. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, MARIA FERNANDA BLANCO, showing the manner in which the winding up of the Company has been conducted, the property of the Company distributed, and the debts and obligations of the Company discharged, and also to hear any explanation that may be given by said Liquidator.

MARIA FERNANDA BLANCO LIQUIDATOR of BANCO DE BOGOTA (NASSAU) LIMITED

process. Mr Smith’s appeal motion also alleged that the chief justice focused primarily on “whether there was a lease in fact”, which contradicted the section in his judgment that identified the “central issue” as whether there was an agreement for a lease.

And he argued that he had “fully satisfied all obligations expressly provided for in the lease with nothing left for him to do”, as he had signed and returned the document to the Government with “consideration in full”. Mr Smith also argued that “there was a contractual obligation” on the Government to execute the lease, which had been approved “at every highest and final level”.

The Bahamian entrepreneur is claiming that the Prime Minister’s Office also breached its “statutory duty by failing to follow the conclusion of the Cabinet of The Bahamas and a specific directive to execute the lease” after it was returned signed by himself with the necessary lease payment.

Mr Smith is also arguing that Sir Ian failed to consider he had already “engaged on the enterprise” by removing litter and debris from the two leased Crown Land parcels, engaging professionals to assist with raising financing, and hiring engineers and architects to help plan, design and develop the project. And he asserted that the chief justice was wrong

in deciding his request for a comfort letter showed that lease negotiations continued.

“There was in fact commencement of the enterprise. There was in fact a final partly executed lease. The parties were operating under the terms of the partly executed lease,” Mr Smith is alleging. In his statement confirming the appeal, the entrepreneur appeared to hold out an ‘olive branch’ to the Government by saying it still has a chance to make the situation “right”.

“We have been told by multiple administrations of government that they, too, support our project and they have always had the opportunity to make this right by honouring our agreement for a lease and letting us move ahead. We remain hopeful to bring about a diplomatic resolve,” Mr Smith said.

“Paradise Island Lighthouse and Beach Club continues with determination and perseverance, as we have for the past 4,008 days of trying, to bring about the change Bahamians want to see. Why do Bahamians have to endure this for a piece of the pie? When can we have an opportunity to steer our own destiny?

“Many proud Bahamians recognise that we owe this to our future generations and we are grateful that you stand with us. We shall continue to seek solutions from those that have the choice to do what’s right.”

We are seeking to employ the position of Shift Engineer here at February Point Resort Estates in beautiful Great Exuma. We are hoping to find candidates with a minimum of 2-3 years’ experience. We offer a competitive salary and excellent benefits.

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Mr Smith also reiterated the urgent need to restore the Paradise Island lighthouse, built in 1817 and the oldest if the 12 constructed in The Bahamas, given it is the first landmark that cruise passengers and many boaters see.

“This silent sentinel, at our country’s gateway, and guide to our safe harbour of New Providence, has not been maintained since before our independence. A beautiful feat of engineering for the purpose of navigation, a signal of hope and salvation, left to fall apart, like many of our other

historical ‘public’ buildings,” Mr Smith said.

“The Bahamian public and wider community wishes to see our project move ahead, and the buildings preserved as stunning examples of yesteryear. Paradise Island Lighthouse & Beach Club is bringing about change for Bahamians and our guests to enjoy a fully restored lighthouse and greater access to our Crown Land and beautiful beaches. Our project was founded on restoring this light station at no charge to The Bahamian people and we have not wavered.”