Ex-minister: ‘Bahamians must invest in our nation’

can enjoy much faster growth rates.

Speaking after it was confirmed he is joining Sir Franklyn and multiple other Bahamians as an investor in the Eleuthera-based project, he disclosed that he is targeting returns higher than the standard 6-7 percent available on standard Bahamian dollar preference share issues.

Declining to confirm the size of his Jack’s Bay investment, or the equity percentage he will hold in the development and its immediate parent, Eleuthera Properties Ltd, Mr D’Aguilar told this newspaper that Sir Franklyn and the project’s management/financial team made “a very credible case” as to why he should entrust them with his capital.

In particular he noted that fellow ex-tourism minister, Tommy Turnquest, with whom he worked while in government as chairman of Bahamasair, is managing Jack’s Bay’s day-to-day operations - a factor that gave him extra confidence and made the decision less risky.

“I was moved by the presentation, moved by the project, moved by the other people involved in the project to invest. I was moved to invest,” Mr D’Aguilar told Tribune Business “A pitch was made by Sir Franklyn and his financial team, led by Tommy Turnquest, where a very credible case was put forward for attractive returns given the ever-increasing interest in the project.

“The project has been going on for quite some time. It’s been carefully and patiently been put together over the years to get to this position where, as Sir Franklyn says, they are where they’re at without having any outstanding debt. I was always interested, during my time as minister of tourism, to seek out an investment in the tourism sector after I left office because, as you know, probably most of my investment is in my business, Superwash.”

Signalling that he took what is commonly known as a ‘cooling off’ period, waiting for over a year after stepping down from ministerial office before assessing potential tourism-related investments, he added: “When you spend four-anda-half years as minister of tourism and see the potential of the industry, one has to bide one’s time after demiting office and looking at opportunities in the tourism sector that provide attractive returns.

“When it comes to investment, there are a lot of people with ideas, but you also have to look at the team running the project.

Sir Franklyn, I have to say, is the grandfather of this project but Tommy Turnquest is the day-to-day manager. I worked with Tommy Turnquest when he was chairman of Bahamasair. I watched his style and how he operated. It was attractive that he is the principal driver and manager of this project.”

Mr D’Aguilar said further factors in Jack’s Bay’s favour, besides Eleuthera’s natural beauty, are the greater resilience that Family Island tourism has shown compared to New Providence when confronted by global recessions and the COVID-19 pandemic.

Recalling The Bahamas’ focus on “the discerning upmarket traveller” when he was tourism minister, he added that Eleuthera was well-positioned to cater to the growing visitor market seeking remote experiences and looking for second home investments.

And, with exchange controls still restricting the ability of Bahamians to diversify investment portfolios abroad, Mr D’Aguilar urged locals to inject capital into the nation’s largest

�e�uest for Tender� Internal Audit Services

�e�uest for Tender� Internal Audit Services �uly ��th ����

Internal Audit Services

Audit Services

The Bahamas Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the service provider”) to design and execute an internal audit function on behalf of the Bank. The service provider �ill create a plan for, design and execute an internal audit program for the Bank.

The Bank invites eligible vendors to submit competitive �uotes for the provision of these services. �ailure to provide a �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder from selection.

industry - via the likes of boutique hotels and vacation rentals - along with other productive industries as a means to grow the economy and create jobs.

“We’ve got to invest in our country,” he told Tribune Business. “I think it’s very, very important to continually reinvest in our country because that’s how we cause the economy to keep growing. If you keep it in the bank and it earns zero percent, and the bank only lends that for consumer loans, that does not bring about national development. If you have a couple of dollars, try and invest in your country and in enterprises that are going to have a significant economic impact.

“My family was invested in the tourism sector in the late 1970s. We owned the Dolphin Hotel on the corner of Nassau Street and West Bay Street. We owned that hotel from 1979 to 1992. Unfortunately, it did not go well. It wasn’t a profitable investment, but nevertheless we invested in it. I think we’re a lot more savvy and have a lot more management expertise to begin to invest more heavily in our tourism sector.

“You look at the smaller boutique hotels like The Other Side in Harbour

Island. These are all hotels that are predominantly Bahamian and the investors are Bahamian. They’re doing very well. Our tourism sector continues to rebound nicely following COVID-19, and cruise passengers continue to grow by leaps and bounds.”

Mr D’Aguilar said the potential returns available via Jack’s Bay were attractive compared to the alternatives.”You get zero in the bank, 3-4 percent on government bonds and 6-7 percent on preference shares,” he added, stating he was targeting anything north of that.

“This is not a start-up, and with start-ups there’s a hell of a lot more risk,” he continued. “Sir Franklyn and his group have been at this for many, many years. They’ve learnt a lot in the process. Now there’s seemingly ever-increasing interest in it, and they’ve always been slow and deliberate to make sure they don’t over-leverage it.”

Jack’s Bay, which in April 2023 revealed that renowned golfer, Jack Nicklaus, and his company will design and develop a $20m, 18-hole golf course at the property to complement the existing shorter course produced by Tiger Woods’s firm, has also launched its latest ‘founders programme’ featuring 24 sites valued between $1m and $3m. by key personnel i.e. Partners, Directors, etc., and other team members, the proposed schedule for submission of progress reports, and follo� up timelines.

The project has a large number of Bahamian shareholders in its immediate holding company, Eleuthera Properties. While Sir Franklyn’s Sunshine Holdings group is the largest shareholder, its other investors include the likes of Colina, BAF Financial, the John Bull Group of Companies and Royal Bank of Canada (RBC). Besides the corporate investors, the Anglican Church has been “gifted” shares in Eleuthera Properties Ltd, while the estates of the late John Morley and Billy Lowe were also among the shareholders. Eleuthera links to the investors are through the estates of the late Albert Sands and Whitfield Kemp. Another Eleuthera shareholder is businessman Lawrence Griffin from Governor’s Harbour, while Sir Orville Turnquest, the former governor-general, and his family - long-time investment and business partners of Sir Franklynare also invested. Tommy Turnquest, Sir Orville’s son and the former MP and Cabinet minister, is Jack’s Bay’s deputy chairman and chief executive.

�eferences of �omparable �ngagements A list of references of similar or comparable engagements should be provided �ith the proposal. At least three (�) references should be provided and each reference must be clients retained for a minimum of t�e lve (��) months. A summary of the pro�ect and client names and contacts should be provided to enable the Bank to contact references if re�uired.

Applicants must declare any areas that may constitute conflict of interest related to this proposal

� Scope of �ork

The independent service provider �ill design, implement, and execute the internal audit function for the Bank. The service provider �ill meet �ith the Audit �ommittee and �xecutive �anagement to discuss the structure and intended design of the internal audit frame�ork The service provider �ill be responsible for designing the ne� frame�ork and developing an Internal Audit Policies and procedures to support it The service provider �ill also be responsible for development and execution of an integrated annual audit program for the function.

The service provider �ill provide a proposed plan of action to achieve the ob�ectives of the internal audit function. Internal Audit �unction Design and Implementation Services and deliverables expected include�

�. �eet �ith Audit �ommittee and �xecutive �anagement to determine suitable structure for internal audit unit function of the Bank

�. Development of the Internal Audit �harter.

�. Set ob�ectives and performance measurements for the internal audit function.

�. �evie� and advise on the �uality of the existing internal control frame�ork, including best practice reporting relationships.

�. �onduct an �nterprise �isk Assessment for the Bank

Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the provider”) to design and execute an internal audit function on behalf of the Bank. The service create a plan for, design and execute an internal audit program for the Bank.

�. Development of risk assessment and audit methodology for the organi�ation, including identification of audit universe.

�. Develop an internal audit �ork program to cover all departments �ithin the Bank.

� Background

The primary purpose of the Bahamas Development Bank is to assist in the economic development of The Bahamas by providing financial and technical assistance in areas including Agriculture, �isheries, Tourism, Industry, �ousing and Business Development �or more information see� ���.bdb.gov.bs

�. �valuation, ac�uisition, and maintenance of audit tools and technology.

� Subcontractors eligible vendors to submit competitive �uotes for the provision of these services. �ailure �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder

� Terms and �onditions

�here a firm or company intends to submit a proposal, the re�uirements, and terms, including all instructions, re�uirements, and specifications, provided in this ��P should be revie�ed in their entirety

The Bank shall incur no liability in the case of failure of a proposing firm or company to understand the contents of the ��P. It is the service provider’s duty to properly understand and examine the ��P and re�uest any clarification or make any reasonable in�uiry and satisfy itself as to the completeness and sufficiency of its response.

If a proposer intends to subcontract some of the �ork to another company or individual for any reason, the Proposer must identify the �ork items that they intend on subcontracting, to �hom, and the experience and �ualifications of the organi�ation or individual. The Bank reserves the right to approve all subcontractors.

� Schedule of �ork and �xpected Deliverables

The Proposer should present a preliminary �ork plan outlining key tasks, schedules and anticipated start and completion dates for each deliverable �ithin the scope of �ork re�uested.

� �eporting and �ommunication purpose of the Bahamas Development Bank is to assist in the economic development of The providing financial and technical assistance in areas including Agriculture, �isheries, Tourism, �ousing and Business Development �or more information see� ���.bdb.gov.bs

The Bank and its officials, officers, employees and advisors are not liable or responsible in any �ay for any costs, expenses, losses, damages or liabilities incurred in the preparation of a proposal in response to this ��P. This includes but is not limited to costs associated �ith preparing the submission of its proposals, costs associated �ith the undertaking of any due diligence, and any other costs associated �ith this ��P process �esponses to this ��P and any ackno�ledgement of receipt of proposal shall not constitute an obligation on the part of the Bank to a�ard a contract for any services or combination of services. �ailure of the Bank to select a contractor by �ay of this ��P shall not result in any claim �hatsoever against the Bank

�onditions

The Bank reserves the right, in its sole and absolute discretion, to re�ect any or all proposals in part or in full, �ithout assigning any reason. The Bank may, at any time, vary the ��P process or abandon the ��P process �ithout assigning any reason thereof and �ithout notice.

The Proposer �ill report directly to the Audit �ommittee, functionally, and to the �anaging Director, for administrative purposes. It is expected that the selected team �ill submit periodic progress reports �ith recommendations on mutually agreed upon dates throughout the engagement period. The Bank may re�uest additional reports over the course of the contract period.

�� Pricing Structure and �ees

Proposers should provide a separate financial proposal outlining all proposed fees and the proposed pricing structure to complete the �ork effort. The financial proposal should be itemi�ed by expected engagement deliverables and should be inclusive of any ongoing costs. The contracted rate and any necessary scope changes �ill be revie�ed by the Bank annually. The annual contracted fee �ill be paid on a �uarterly basis. �� �valuation �riteria company intends to submit a proposal, the re�uirements, and terms, including all re�uirements, and specifications, provided in this ��P should be revie�ed i n their entirety incur no liability in the case of failure of a proposing firm or company to understand the ��P. It is the service provider’s duty to properly understand and examine the ��P and clarification or make any reasonable in�uiry and satisfy itself as to the completeness and response.

The Bank �ill consider the follo�ing factors in the evaluation and selection of proposals.

�. �ompleteness of Proposal�

The information provided by the Bank in connection �ith this ��P is for the sole purpose of this solicitation and is to be considered confidential. Any information learned by a Proposer in connection �ith this solicitation �ill not be revealed by such service provider or used for any purpose other than the preparation of their proposal.

This ��P shall be governed by the la�s of The Bahamas. Any legal action or proceedings arising out of or in connection �ith such terms and procedures shall be sub�ect to the exclusive �urisdiction of the courts of The �ommon�ealth of The Bahamas.

The Bank, in its sole discretion, may modify the re�uirements, terms, and conditions for this ��P

� �ontract Term

The initial contract period �ill be for t�o (�) years. The Bank reserves the right to extend the contract for �uality management, including updates, enhancements, and maintenance services.

� �onditions� information for applicants

These instructions are provided for general information for the preparation of the proposal. Proposals should be concise and contain the sections described belo� Proposals that fail to adhere to or comply �ith the prescribed format may be excluded from the evaluation process. The proposal should be submitted in �nglish and must include the follo�ing� Proposal �etter All proposals must be submitted �ith a duly signed proposal letter, �hich should include the signatures of the individual or individuals authori�ed to legally bind the firm or company (“the authori�ed person”).

Business Profile The proposal must include an overvie� of the firm�company i.e. Business profile.

The profile must include� o Type of Business (i.e. �ompany, Partnership, etc.) o Date of incorporation�formation� o Address of registered office� o �ame of key contact person and address for communication (i.e. phone contact and email)� o Business Status� and o The name and position of key personnel (Partners�Directors����) and team members along �ith an attachment of their �ualifications, including professional licenses or certifications (i.e. �urriculum �itae)

An �xecutive Summary of the proposal should also be provided for ease of reference.

Scope of �ork The proposing firm or company should respond to all re�uirements outlined in the re�uested scope of �ork in a comprehensive and clear manner. This should include any information or supplemental material that may clearly outline ho� the scope of �ork �ill be approached and ho� the team �ill address all re�uirements specified.

A list of references of similar or comparable engagements should be provided �ith the proposal. At least three (�) references should be provided and each reference must be and client clients

�. Appropriateness of Approach to �ngagement and�or �ethodology�

�. �uality and Depth of �esponse�

�. �ualifications and �xperience of �ey Personnel�

�. �uality of �eferences and Demonstrated �elevant �xperience in the Provision of Internal Audit Services� �. �eputation of the �irm or �ompany�

�. �uality of Preliminary �ork Plan and Schedule� and

�. Pricing and �ee structure.

The Bank reserves the right to evaluate the proposals either by itself and�or in coordination �ith and�or by engaging any external consultants.

�� �ontract A�ard

The Bank reserves the right to make no a�ard, make a partial a�ard, make multiple a�ards, or to a�ard in aggregate or by line item in scope of services as determined by the Bank to be in its best interest, sub�ect to determination that the price proposal is fair, reasonable, and provides the best value to the Bank given the re�uirements of the pro�ect.

Appointment as a successful contractor shall be sub�ect to the parties agreeing to mutually acceptable contractual terms and conditions. In the event of the parties failing to reach such agreement, the Bank reserves the right to appoint an alternative service provider.

�� �ontract �ompletion �riteria �here a contract results from this ��P, such contract �ill be considered complete �hen the Bank has approved and accepted all assigned contract deliverables.

�� Insurance �overage

The selected contractor is to provide professional liability insurance covering the services described in the contract.

�� Deadline The due date for submission of the tender is ��th �uly, ���� �ate submissions �ill be returned unopened to the sender.

Please send all tenders clearly marked “Internal Audit Service Proposal” to �mail� careers�bdb.gov.bs Person� Submit by hand in the tenders’ box at BDB’s reception, add address.

�or any complaints regarding the tenders please refer to the �omplaints section on the BD B �ebsite.