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FRIDAY, JULY 29, 2016

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Bahamas ‘land fraud’ sparks furious battle By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The battle over an alleged Bahamas real estate fraud hit new heights yesterday, as international investors pushed for a summary judgment to recover outlays worth tens of thousands of dollars. A group of US and Irish investors, in court documents obtained by Tribune Business, are claiming they were deceived into purchasing lots on Long Island for which they never received title deeds confirming their ownership. They also allege that the sales to them were illegal, as the lots were not in an approved subdivision, thereby violating the Planning and Subdivisions Act 2010.

Alleged fraud victim demands action by authorities

Investors: No deeds received, sales illegal under law

Calls for nation to switch to registered land system

Vendors hit back with ‘blackmail, extortion’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Fight highlights reputation risks for nation The four-strong group, headed by US citizen John Brier, are now seeking summary judgment after the ‘sellers’, and their See pg b4

McCain... contacted FBI on investors’ behalf.

Deal was to ‘save my life savings’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The alleged victims of a Bahamas real estate fraud were yesterday labelled “a group of spoiled rich kids”, who were seeking to extort money from the vendors via ‘blackmail’. Keith De Cay, who sought to broker a settlement with

the group, headed by US citizen John Brier, alleged that he only persuaded the Long Island land’s vendor, Billy Wayne Davis, to sign the agreement as a way to “preserve my life savings”. Mr De Cay accused Mr Brier and his group of seeking “to destroy” a project, in which he has supposedly invested, and lies on land owned by Mr Davis’s Long

Bahamas ‘just too murky’ on land buying

Island Investments vehicle. That project, known as Eco Village Bahamas, is purported being developed by a third party developer, David Campbell, who splits his time between Canada and Switzerland. “He originally told [us] that he had the exclusive rights to all of the land Mr Davis was selling through See pg b6

Real estate dispute ‘broker’ sticks to blackmail claim But admits land sales to investors were ‘illegal’ Buyers emphatically deny allegations

An alleged land fraud victim yesterday said he would never again seek to acquire Bahamian real estate because the process was “too murky”. John Brier, who has initiated legal action on behalf of himself and others to recover thousands of dollars purportedly invested in Long Island real estate, called on the Bahamas to follow other countries in moving to a system of registered land. He also hit out at the Bahamian authorities for failing to take action against the perpetrators of real estate schemes such as the one that has impacted himself and other foreign buyers. Mr Brier, together with fellow American, Eugene Gridnev, and Irish citizens Mark Murphy and Phila Keane, is alleging that they never received valid title deeds to the properties they allegedly bought. And, given that the Ministry of Works had provided no subdivision approval, the quartet are claiming that the sales to them are illegal and invalid under the Planning and Subdivisions Act (see other article on Page 1B). “I would never buy there again or attempt to buy there again because it’s just too murky and people get scammed,” Mr Brier told Tribune Business of the Bahamian real estate market. “When you start seeing people have been scammed out of tens of thousands or hundreds of thousands of dollars, it’s See pg b5

Don’t ‘capitulate’ on Chamber chair urges greater minority investor safeguards our financial services Too often ‘along By NATARIO McKENZIE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Bahamas was yesterday urged not to “capitulate” over its financial services industry, with one practitioner refuting the former prime minister’s belief that the sector is beyond “salvaging”. Paul Moss, president and owner of Dominion Management Services, told Tribune Business that Hubert Ingraham seemed “not to want to fight” for the sector’s survival, based on comments made to the media. Mr Ingraham was reported as saying that the Bahamas had lost its traditional private banking business as a result of international regulatory pressures, and enforced legal reforms, and that this nation had yet to ‘see the worst’ in terms of the sector’s shrinkage. But Mr Moss, who is one of the few Bahamian owners in the industry, said that such ‘defeatist’ talk reflected the lack of clear thinking within government that was necessary to reposition financial services to cope in the new global realities. He agreed that Mr Ingraham was right when it came to the Bahamas’ pre-2000 financial services model, which was based on client anonymity and tax avoidance, and on the need to better diversify the national economy. “What he’s saying is correct in terms of finding other industries,” Mr Moss told Tribune Business. “But this financial services industry can be salvaged, and be a part of this, but I’m not finding anyone talking the language that shows they understand how to do this. “His [Mr Ingraham’s] response is exactly what the attitude has been all along; to get out of it. That’s how we’ve conducted ourselves; exactly how he talked. “His observation on the need to diversify the economy is correct, but not at the expense of financial services.” Mr Moss again reiterated his previous plea for the Bahamas to switch from a ‘no tax’ to a ‘low tax’ model in terms of income and corporate taxes, arguing that this would help to shed the ‘tax haven’ perception and give

Tribune Business Reporter

Bahamian practitioner: Sector can be ‘salvaged’ Calls for model change to low tax, transparency Says former PM ‘seems not to want to fight’

Former PM Hubert Ingraham the industry greater legitimacy. “We have an opportunity to lead, but we don’t want to do that,” he told Tribune Business. “It’s not the end of the sector. Absolutely not. I still believe the sector can See pg b7

$3.97 $4.06 $3.98

$3.98

nmckenzie@tribunemedia.net

The Bahamas needs to implement greater minority investor protection, with the Chamber of Commerce’s chairman arguing that too many were content to “ride along” with the majority. Gowon Bowe told Tribune Business there had been “little to no agitation” for legislative safeguards to protect minority investors, who had often been happy to be “along for the ride”

for the ride’ with majority Bahamas needs ‘checks and balances’ on majority

with the controlling block. Mr Bowe, a PricewaterhouseCoopers (PwC) Bahamas accountant and partner, said: “We are in-

vesting in all of these IPOs and companies, but there is no agitation for minority investor legislation, so most investors are along for the ride with the controlling block. “What you have in most of the advanced territories is legislation that says you can’t dictate capitalism. If you own the majority of shares you have the ability to make the majority of the decisions, but there is legislation that says certain things have to have minority approval, in terms of the See pg b7

Gowon Bowe

PAGE 2 , Friday, July 29, 2016

THE TRIBUNE

Don’t ignore the vacation benefits

Amid the hustle and bustle of the workplace, employees often overlook and underestimate the importance of vacation. Statistics show that, annually, the average employee leaves many vacation days and weeks unused. There are even those who pride themselves on not taking vacations. Though dedication to your profession is wonderful and commendable, we as humans require rest, and there are ample benefits to taking a vacation. Primarily, vacations make you more productive. They often serve as stress relievers, eradicating stress which was previously un-

healthy and hindering progression. The office is thus no place of inspiration. Vacations, on the contrary, increase creativity and create inspiration. Monotony in the workplace can often result in inefficiency, boredom, discouragement and complacency. Vacations are sometimes needed to get a person out of their comfort zone and into the world outside the office. Changes in pace and environment allow opportunities for exploration and discovery. There are also many networking opportunities that vacations offer, which allow persons to broaden their social ho-

rizon, plus further develop the relationships that have already been established. Time spent with loved ones during vacations transcends the typical afterwork discussions, and researchers prove that time spent together on vacation builds personal bonds and increases family connections Furthermore, vacations are useful for emotional stability. The stress and frustration that can be acquired through long hours in the office can have negative effects on a person physically, mentally and socially. Vacations help to ensure good health, and prevent persons from burning out due to

work overload. In addition, they minimise the potential of emotional outbursts, mental melt-downs or performing poorly on the job due to severe stress and frustration. Taking a vacation can shift irritable, stress and anxietyridden moods to ones that are more calm and relaxed. It is therefore little wonder that researchers say persons often return from vacation with their confidence improved. Persons return to work with a new sense of self, vigorously approaching tasks and projects, as opposed to seeking easy solutions due to a lack of rest. Giving yourself a rest puts your body in a

$30m sales drive realtor’s growth A Bahamian realtor is relocating to East Bay Street’s Harbour Bay shopping centre after notching more than $30 million in sales. Sterling Bahamas Realty said increasing demand for high-end real estate had driven its move from the New Providence Financial Centre, which takes effect from August 2. The new 1,200 square feet location, which was previously home to Lignum Technologies, offers more space. The move will be ac-

to advertise today in the tribune call @ 502-2394

Sterling Bahamas Realty moving to Harbour Bay companied by a new logo and uniforms. Owned and operated by husband and wife team, Lamond and Robyn Davis, the two year-old firm has sold more than $30 million worth of real estate in communities such as Ocean Club Estates, Cable Beach and Charlotteville. They have also handled real estate transactions in the Family Islands, closing deals in Freeport and Abaco. “Relationship building and offering genuine VIP services is what sets us apart from others,” said Mrs Davis. The business growth has come strictly from word-of-

mouth referrals, the couple said. “When you treat people with the respect and professionalism they deserve, they usually want their family, friends and colleagues to have the same experience,” said Mr Davis, the firm’s president. “We pride ourselves on customer service and satisfaction. So far, it has been the key driving force for us.” He added: “There’s a great selection of luxury properties for wealthy buyers to choose from. We’d like to see the middle class/ starter home market pick up as well, but so far, that’s not been the case,” said Mr Davis. “It remains sluggish.” Although Sterling Bahamas Realty has been involved with transactions ranging from $1,000 rentals to multi-million dollar

sales, it is the luxury market that has driven the company’s demand for more agents. “We have space for six more agents, and we’d like to have a few property managers join our team as well. We want persons who are accustomed to dealing with high-end clients,” said Mrs Davis, a former financial services professional, who now specialises in providing all the concierge services that wealthy, foreign buyers have come to expect – from home décor to property management. “We believe our success is tied to the platinum-level service we provide,” said Mrs Davis. “If we sell you a home, we remain with you for months after to ensure everything goes smoothly.” This has led to spin-off business opportunities for Sterling Bahamas Realty, with expatriate clients returning to them to organise birthday parties, luxury nights on the town and other exclusive, upscale events.

better position to fight infections and sickness. Moreover, relaxation is needed to achieve maximum productivity at work. We often just need that inspiration; that break for our brain; that change in pace and surroundings, and the mental relaxation. Keep yourself happy, keep your life happy, and keep vacationing. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, pro-

Ian ferguson viding relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

Bahamian arbitrators discuss branch plans Executives of the Bahamas branch of the Chartered Institute of Arbitrators (CIArb) met recently with chairman, Dr Richard Demeritte, to discuss their development plans. “The Chartered Institute of Arbitrators celebrated 100 years in 2015, and this past November we marked the occasion with an educational conference that included an address by international CIArb president, Professor Sundra Rajoo,” said Mr Demeritte. “This year, we will hold a gala event, a media project of our branch’s history, install a new patron and honour several distinguished members of the branch.” Mr Demeritte said the legislative framework for the Bahamas to become a seat of international arbitration is still in progress, with the Bahamas branch also working with the Government and other stakeholders to establish an arbitration centre for the local

market. “This development could prove to be a game-changer in the field of international dispute resolution in our region,” said Mr Demeritte. Since 2014, some 45 Bahamians have qualified in arbitration and mediation courses. Mr Demeritte explained: “Arbitration provides an effective means to resolve the disputes that inevitably arise. “This is an exciting time for dispute resolution in the Bahamas, and with strong support from government, the courts, business and legal communities, the opportunities for our membership have never been more promising.” CIArb Bahamas is one of 37 branches of professional arbitrators and mediators, with a community of 14,000 members spread across 130 countries. It is governed by a council of 15 members.

THE TRIBUNE

Friday, July 29, 2016, PAGE 3

Investment Funds overhaul moving By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net The Securities Commission’s executive director yesterday said work was “progressing” on the overhaul of the Investment Funds Act, although she was unable to provide substantive details on the reforms. “It’s something that we are actively engaged in right now. That work is progressing,” said Christina Rolle. “I would say that around September we will be in a better position to really talk about what we are actually putting forward.” The Securities Commission held an industry briefing at the British Colonial Hilton yesterday, following the official launch of the project to overhaul the Investment Funds Act, in order to strengthen regulation

of the sector and improve competitiveness. The project was launched on July 1 with the engagement of Gonsalves Sabola Chambers as the drafting consultant, and Graham, Thompson and Company as the technical consultant. Ms Rolle said the investment funds industry has been an area of growth for this nation’s financial services sector in recent years. The number of licensed or registered investment funds has seen an average annual increase of 10.8 per cent over the years 2013 to 2015, with 885 licensed or registered funds at 31 December, 2015. According to the Commission, the number of licensed/exempted investment fund administrators operating in or from the Bahamas rose by 6.5 per cent to 66 during 2015, following several years of stagnation.

Bahamas, US hail regulatory links The regulatory partnership between the Bahamas and the US will “reap mutually rewarding dividends for the two nations”, a Ministry of Tourism official believes. Greg Rolle, pilot and senior director of sales, marketing and sports, made the comments while leading a team of officials, including representatives from the Ministry of Tourism, Department of Civil Aviation, Customs and Royal Bahamas Police Force, at the 2016 EAA AirVenture Conference. The conference, which

is regarded as the world’s largest aviation celebration, and the largest aviation show in the world, features more than 10,000 aircraft and 800,000 attendees. It finished on Sunday at the Wittman Regional Airport, in Oshkosh, Wisconsin. The Bahamas, which is prominently featured at the conference, is the only foreign country to serve alongside the US in the exclusive Federal Pavilion. The Pavilion, which hails the Bahamas’ flag, is one of the main attractions at See pg b6

call 502-2394 to advertise today!

Jarol Investments Limited is seeking to fill the following positions:

Island Manager (Bimini) Island Manager (Eleuthera) Island Manager (Andros) Duties include, but not limited to:

• • • • • • • •

Overseeing adherence to company policies and procedures by employees. Auditing cashiers work to ensure efficiency. Maintain a safe and secure working environment for customers and staff Maintaining confidentiality of sensitive data. Evaluating, assessing and managing the performance of each employee. Ensuring that the opening and closing of shops in a timely manner. Ensure safe keeping of company funds. Overseeing the selection and recruitment of new employees

Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com

Airline bookings up through October By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemdia.net Advanced bookings on flights into the Bahamas have risen “over and above’ last year’s numbers straight through October, a top tourism official adding that this nation “still has a product to promote” despite the stalled Baha Mar project. Tyrone Sawyer, the Ministry of Tourism’s director of airlift development, told Tribune Business that while the $3.5 billion Cable Beach resort has not yet opened, bringing some 2,000-plus extra hotel rooms to this nation’s inventory, airlift is tracking above where it was year-over-year. Mr Sawyer said tourism industry stakeholders have maintained an open dia-

logue with the airlines, who have been incrementally increasing seats and frequencies into this destination despite Baha Mar not being open. “The airlift to New Providence looks very good,” he said. “We have had some drop off in our Copa flights from Panama. That’s probably about 23,000 seats total for the year, but out of our key areas we have seen an increase in the amount of seats coming in, and we have also seen an increase in the performance of our airlift into both Nassau/ Paradise Island and into Grand Bahama from our key markets.” Mr Sawyer added: “We have the capacity to add additional airlift and increase our numbers. That’s why we are not panicking and scrambling around.

We have been talking to these airlines for the past few years so we can actually plan by increasing the size of the aircraft or the amount of flights. “Based on the information that we have, advanced bookings on the flights we have coming in are increasing and have risen over and above last year straight through October. We are very pleased by the increase

in the advanced bookings to Nassau/Paradise Island and the Family Islands.” Mr Sawyer said that even without Baha Mar, the Bahmas “still has a product to promote”, citing new hotel room inventory brought on by the likes of the Warwick Paradise Island and the Marriot Courtyard in addition to several other smaller properties.

PAGE 4 , Friday, July 29, 2016

Bahamas ‘land fraud’ sparks furious battle From pg B1 intermediary, breached a March 31, 2015, settlement agreement to reimburse their purchases, leaving them short by a collective $94,000. But their action, which has been filed in the north Florida federal courts, has been met with counter-allegations of blackmail and extortion by the foreign investors behind the purported real estate scam. Billy Wayne Davis, who earlier this year ran for the Republican nomination in Georgia’s 11th congressional district, and his Long Island Investments vehicle, together with the individual responsible for brokering the settlement, Keith De Cay, are hitting back with allegations they are the victims of a smear campaign. Separately, they are claiming that Mr Brier created 14 websites, with titles such as BahamasLandFraud.com, to besmirch their reputations, leaving them with no choice but to give in to the alleged ‘blackmail’ and sign the settlement agreement. This, though, has been vehemently refuted by Mr Brier and his three fellow investors, who point out that Mr De Cay only made the blackmail/extortion claims after he had defaulted on the settlement agreement, and was threatened with legal action. That March 31, 2015, agreement contains what many observers are likely to view as tantamount to an ‘admission of guilt’ by Mr Davis and his companies. The document, signed by Mr Davis, contains a clause where he promises “not to

engage in any false or deceptive marketing practices at any time in the future as it pertains to selling land or lots in the Bahamas, and that any sales in the future will only be done when in compliance of all relevant laws in the Bahamas”. This is reinforced by a March 7, 2015, e-mail in which Mr De Cay, negotiating the settlement agreement with Mr Brier and his fellow purchasers, said: “Everyone: The offer from Billy [Davis]. “Everything stops on all sides. No more websites or e-mail wars. Cease pursuing civil and criminal fraud charges against the Davis cabal, with Davis/Jansen agreeing to cease fraudulent sales activities.” In return, Mr Brier was to remove all “derogatory information” from 14 websites he had set up to attack Mr Davis and call attention to his plight. Apart from BahamasLandFraud.com, these sites also had names such as BahamasLandInvestment. com; bahamaslandsales. com; LongIslandInvestmentFraud.com; LongIslandLots.com; and LongIslandInvestmentsFraud.com. The case again highlights how vulnerable the Bahamas’ reputation as a safe, secure destination for real estate and other investments is to being seriously damaged by disputes of this nature. It also raises questions as to why the authorities, especially the Royal Bahamas Police Force and the Attorney General’s Office, are not more proactive in dealing with them, given the

potential harm to the economy and deterrent effect for investors. Mr Brier told Tribune Business he had contacted both agencies with his complaints, but this appears to have provoked no reaction from either of them to investigate the allegations. As a result, Mr Brier, and his fellow investors, Eugene Gridnev, an American, and Irish citizens, Mark Murphy and Phila Keane, have sought redress through the US legal system and yesterday’s move to obtain summary judgment. Detailing events in an accompanying affidavit, Mr Brier alleged:” “In early 2013, I responded to an online advertisement listing undeveloped ocean front lots for sale for $40,000 on Long Island in the Bahamas. “I was then contacted by a sales agent, Albert Jansen of Coral Gables, Florida, acting on behalf of a company known as Long Islands Investments, owned and operated by Billy Wayne Davis of Crenshaw, Georgia.” Mr Davis has had a colourful, and controversial, career in relation to Bahamian real estate sales on islands such as Rum Cay and Long Island, featuring in numerous court actions both as plaintiff and defendant. His name also appeared in a US court case that saw the conviction of a Miami resident, Lawrence Foster, for running an $8 million $8 million scam using Rum Cay real estate. US federal prosecutors alleged that the land being marketed by Mr Foster was purportedly owned by Sunward Holdings, a company said to be owned by Mr Davis. The prosecutors also suggested that Mr Davis/ Sunward never owned the land, but the former subse-

quently disputed this in an e-mail to Tribune Business. Mr Brier, meanwhile, alleged that Messrs Davis and Jansen seduced him into the Long Island purchase by saying lot prices would soon increase to $200,000, due to another group investing $20 million into the subdivision’s purchase. He ultimately paid $40,000 in late May 2013, but “immediately became suspicious” upon receiving a copy of his conveyance, as it “contained numerous material errors, including the incorrect company, project and price”. Tribune Business has seen a copy of the May 27, 2013, conveyance. While Long Island Investments is named as the vendor throughout, the back page inexplicably lists Sunward Holdings as the ‘seller’. The purchase price was also listed as $30,000, not $40,000, and the land in question was said to be on Rum Cay, not Long Island. Mr Brier alleged that the conveyance was also falsely notarised, as he was not present in the Bahamas for the transaction, as it suggests. “When I confronted the sellers about these inaccuracies, they reassured me that it was just a mistake, but I never received a corrected deed,” he claimed. Now wary, Mr Brier attempted to offload his investment by placing it with Bahamian realtors to market for sale. None, though, wanted to take it on because the initial sale to him was illegal under the Planning and Subdivisions Act, due to the absence of subdivision approval. “Eventually, after talking to various third parties, including realtors in the Bahamas, I was informed that the lot should not have been sold because it was not yet

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NOTICE

NOTICE is hereby given that LEONEL ALCENAT of Carmichael Rd., P.O.Box CR-55963, 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 28th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE OF DISSOLUTION

BENCHART MANAGEMENT HOLDINGS LIMITED

LIBELINHA MANAGEMENT HOLDINGS LIMITED

Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the 27th day of July, 2016. Octagon Management Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.

___________________________________________ Octagon Management Limited Liquidator

CARAMELITA FINANCE S.A. Company No. 1514698 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CARAMELITA FINANCE S.A is in voluntary liquidation. The voluntary liquidation commenced on 26th July, 2016 and Graziella Gerardi of Wengistrasse 1 8004 Zurich Switzerland has been appointed as the Sole Liquidator. Dated this 26th day of July, 2016 Sgd. Graziella Gerardi Voluntary Liquidator

THE TRIBUNE part of an approved subdivision,” Mr Brier alleged. “The sellers never disclosed this information to me prior to the sale, so I tried to get my money back from the sellers, to no avail.” He continued:“At that point, I believed that I was the victim of a fraudulent land scheme. As such, I took actions to remedy the situation, including purchasing www.BahamasLandSales. com, to warn other potential victims. “As a result, I was contacted by the other named plaintiffs in this matter (in addition to others) who had been similarly duped. Although I received a deed that appeared invalid on its face, the other plaintiffs did not receive deeds at all.” Mr Brier said he even contacted former US presidential candidate, Senator John McCain, after the vendors allegedly made “false claims” about his involvement with the project. He also attempted to get the Federal Bureau Investigation (FBI) to probe his complaints against Messrs Davis and Jansen, although the Bureau declined to get involved on the grounds of limited resources. “Since then, I have learned that the ringleader of the sellers, Billy Davis, is a convicted felon and has been named in multiple other lawsuits related to fraudulent land deals in the Bahamas,” Mr Brier alleged. Mr Davis was convicted in the north Alabama federal court in 1994 for “providing false information on a loan application concerning land he purportedly owned in the Bahamas. However, in a subsequent letter to Tribune Business, Mr Davis said all his civil rights had been restored after he served due punishment. Mr Brier, meanwhile, said Messrs Davis and Jansen “finally expressed interest in settling the dispute” in March 2015, alleging that they wanted to end the adverse publicity associated with his website. Enter Mr De Cay, who negotiated the March 31, 2015, agreement that was signed by the Brier group, himself and Mr Davis. Emphatically refuting the ‘blackmail’ allegations, Mr Brier claimed: “Contrary to [Mr de Cay’s] allegations, which he made for the first time after we filed this lawsuit, that he was ‘blackmailed’ into entering into the settlement agreement, defendant was actually the one who first approached us about working out a settlement deal, encouraged us

to enter into the settlement agreement and spent weeks negotiating a deal before the parties executed the settlement agreement.” While payments ran smoothly for a while, Mr Brier alleged that “things fell apart” after August 2015, when Mr De Cay’s efforts to sell a condominium to finance the settlement failed. After both sides agreed to amend the settlement, Mr De Cay also allegedly told the Brier group that he was “supposed to receive additional funds” from Mr Davis to finance the payments, yet that, too, fell through. With the amended agreement now breached, Mr Brier and his fellow investors filed their north Florida action in exasperation. “At no time did defendant [Mr De Cay] ever claim that he was a victim of ‘blackmail’ or that the agreements were ‘illegal’ until after we filed a lawsuit to collect the amount defendant owed under the Agreements,” Mr Brie reiterated. “To the contrary, as reflected in all of the foregoing e-mail communications, the settlement agreement and amended agreement were the product of negotiations that defendant initiated. “Throughout the negotiations, all parties, including defendant, were aware that the investments were speculative and that subdivision approval was not guaranteed. In fact, defendant was the one privately discussing the deal with the sellers [Messrs Davis and Jansen], and the one who continued to represent to us that the land investments would be very valuable because subdivision approval was imminent.” Mr Brier further alleged: “We have no knowledge of any other side deals defendant [Mr De Cay] may have had (or still have) with the sellers (or others), and we do not know the status of the subdivision’s approval since defendant stopped providing information after his breach. “However, defendant’s claim that the land is ‘worthless’ is curious considering he is still asking that we transfer our rights to the lots into his name, even though he never paid us in full for the lots. “Furthermore after the settlement agreement was breached by the defendant, it was discovered he was advertising a lot for sale in the same project for $130,000 ‘now’ and at over ‘$200,000’ when the ‘subdivision project goes through’.”

THE TRIBUNE

Friday, July 29, 2016, PAGE 5

PM to headline hotel conference Prime Minister Perry Christie will today give the keynote address at the 20th International AfricanAmerican Hotel Ownership and Investment Summit and Trade Show. Under the theme of ‘Changing the Hospitality landscape with our partners”, hoteliers from the US and the Caribbean are attending the three-day event to discuss industry updates, including hotel sector debt, equity and creativity. “Business collaborations can be formed from associations with other groups that are pursuing the same goals,” said Andy Ingraham, chief executive of

the National Association of Black Hotel Owners, Operators and Developers (NABHOOD), which organises the summit. “When we look at the [Asian-American Hotel Owners Association] and the deals that we have made together, we realise that we cannot only make a difference, but we can thrive.” Throughout the summit, a host regional panelists from the US and the Caribbean are scheduled to discuss various topics, including an industry outlook session; a workshop for small hotels of the Caribbean; and a Caribbean development and investment

Bahamas ‘just too murky’ on land buying From pg B1 not a good thing.” He urged the Bahamas to switch to a system of registered land, comparing this nation unfavourably with the Central American country of Panama, where he has also bought and owned property. “All real estate transactions should go through a clearing house where it is verified, through a central database, that you are buying in a legitimately approved subdivision,” Mr Brier said. “There has to be some level of trust going forward for real estate buyers in the Bahamas that they are not going to be duped or defrauded. “Panama has a central registry that is computerised, and where every piece of property is registered with a special identity number.” This, Mr Brier said, gave all parties in real estate transactions “a level of security”, because even nonattorneys were able to check the status of the subject properties, and see whether there were any attached liens or other impediments to a deal. In the Bahamas, many observers view the system as a ‘lawyer’s dream’, given that the system is far from user-friendly. Attorneys have to review title chains going back 30 years to determine whether a purchaser has ‘good title’, and even then it can be challenged by stronger competing claims. Documents are often missing, or not lodged with the Registry of Records, and reform efforts appear to have stalled. A three-pronged legis-

lative package to create a Land Registry - the Land Adjudication Bill, the Registered Land Bill and the Law of Property Bill - were developed under the former Ingraham administration, but were sent back to the Law Reform Committee and other government agencies for further review, and never heard from since. Moving to a proper Land Registry - and registration system - would remove the need for attorneys to conduct expensive, time consuming title searches that were sometimes prone to error. Creating a Bahamas Land Registry, which is what the Registered Land Bill seeks to do, would move the Bahamian real estate and conveyancing market away from one based on “first to record” the title deeds. It would contain all information relating to a specific parcel of land in one database, including its location, dimensions, ownership interests and all encumbrances, such as mortgages and other liens/charges. This, in turn, would boost efficiency and reduce issues associated with title problems, giving commercial and residential real estate buyers greater certainty. “It’s so murky in the Bahamas, and even when you think you’re doing the right thing and using caution, using a US attorney as escrow agent to verify you’re doing it right, you’re not,” Mr Brier told Tribune Business. He alleged that the title company and attorney who rendered opinions that his Long Island purchase was ‘clean’ were also connected to the vendors, and effectively acting for ‘both sides’ in the deal.

Jarol Investments Limited is seeking to fill the following position:

Marketing Manager • • • • • • • • • •

Plan marketing and branding objectives. Prepare and adhere to budgets. Oversee creation and delivery of press releases, advertisements, and other marketing materials. Design print ads and publications Engage consumers on social media. Deepen relationships with all media to ensure the most effective messaging and positioning of the organization. Lead all areas of content generation and production across all media platforms. Collaborate with sales and sourcing to develop strategic partnership activities and implement the execution framework and strategic plan on identified opportunities. Develop and lead a marketing team that will develop and execute new concepts, business models, channels and partners to position business as innovator and leader. Perform other related duties as assigned by management. Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com

forum. Hospitality students from the Caribbean and the Historically Black Colleges and Universities in the US will also be in attendance to gain further insight into the industry. General sessions and workshops were held yesterday and today, with student workshops on Friday and Saturday morning, followed by the NABHOOD career fair and job expo. “This is the summit to be at for discovering new opportunities in the hotel industry and finding good partners to align with,” said Mr Ingraham.

NABHOOD chief executive, Andy Ingraham, welcomes attendees at the opening of the summit.

Suggesting that the Bahamian system helped to create “a toxic mix”, Mr Brier told Tribune Business: “It would be good if the Government took some steps to shut this down, and initiated a land process that forces everyone to play by the same rules. “For the Bahamas, the Government should act responsibly and make sure people are protected from fraud, and that this is shut

down. “I talked to the Attorney General’s Office, spoke to them on the phone. I talked to the Royal Bahamas Police Force, who told me to file a criminal complaint. We did all that, and nothing came of it from the Bahamas’ side,” he added. “I don’t know how the Bahamas doesn’t come out and do something about Billy Davis and this foolishness. You start adding this

up, and it’s in the millions of dollars. He’s a convicted felon, come’s there and nothing’s done about it.” Mr Davis and his Long Island Investments vehicle, which sold Mr Brier and his fellow buyers their property, have vehemently denied there was any fraud involved, instead accusing

their accusers of ‘blackmail’ and ‘extortion’ (see article on Page 1B). Mr Brier, though, contrasted the Bahamas’ response to that of the US, where he said the likes of the Real Estate and Bar Associations would instantly become involved in addressing a complaint such as this.

PAGE 6 , Friday, July 29, 2016

Deal was to ‘save my life savings’ From pg B1 a joint venture agreement between them, and that he would work with [us] to turn ‘lemons into lemonade’,” Mr Brier and his three fellow investors alleged in court documents obtained by Tribune Business. The somewhat mysterious Eco Village Bahamas has its own website, but it is unclear whether the project has obtained the necessary permits and approvals from the Government to proceed. Its Nassau office is listed as at the Priderock Corporate Centre, the same location as the Priderock Law Chambers, whose principal, Philip Lundy, also does legal work for Mr Davis. Mr Davis, who has had a long and colourful career in real estate sales in the Family Islands, especially Rum Cay, was tight-lipped on Eco Village Bahamas in an e-mailed reply to Tribune Business’s questions. “I cannot say much about the Eco Village because I have signed a confidential agreement, except that it’s

a major reality by a group of Europeans that I’m in daily conversations with,” he said. “It is another project that I have brought to the Bahamas. I also know that they have hired attorneys in Nassau for what they need, and have had meetings with some Government people.” Mr Davis, who initially said he would be unable to respond to Tribune Business until next week because of family health issues, sent this newspaper two separate e-mails yesterday on the dispute with Mr Brier and his fellow investors. He said he was “not in a settlement agreement” with the group, “nor will I be as I am not personally involved”, even though he is one of the signatories to the allegedly-breached March 31, 2015, settlement agreement. Mr Davis also made the same ‘blackmail’ charges against Mr Brier and his fellow investors as those levied by Mr De Cay, although the latter failed to provide

Tribune Business with any documents to support such claims despite this newspaper’s request. “Keith is heavily involved with the Eco Village as an owner and investor,” Mr Davis added, implying that he was set to make complaints of his own against Mr Brier to the federal authorities. However, Mr Brier, in court flings in the north Florida federal courts, emphatically refuting the ‘blackmail’ and extortion allegations. “Contrary to [Mr de Cay’s] allegations, which he made for the first time after we filed this lawsuit, that he was ‘blackmailed’ into entering into the settlement agreement, defendant was actually the one who first approached us about working out a settlement deal, encouraged us to enter into the settlement agreement and spent weeks negotiating a deal before the parties executed the settlement agreement,” he responded. “To the contrary, as reflected in all of the foregoing e-mail communications, the settlement agreement and amended agreement were the product of negotiations that defendant initiated.

Mr De Cay, though, while conceding that the land sales to Mr Brier’s group were illegal because the lots were not in an approved subdivision, as required by the Planning and Subdivisions Act, stuck to his ‘blackmail’ claims. He claimed in responses to Tribune Business that he only became involved in brokering a settlement so as to protect his Eco Village investment, and end the negative publicity stemming from the 14 websites Mr Brier created to attack Mr Davis and his partner, Albert Jansen. Asking why he exposed himself to tremendous risk and financial liability by taking responsibility for paying out Mr Brier and the other investors, Mr De Cay replied: “I started buying land from Billy in 2009, and have all of my life savings tied up in the Eco Village project. “John Brier wants to destroy the project, and I am not going to let that happened. If John [was a good person he would have helped Billy and the Eco Village people more the project forward sooner, so they could make money and help the people on Long Is-

THE TRIBUNE land with jobs and make the island better.” Mr De Cay said the land purchases were the only links between himself and Long Island Investments, and he added: “I have my life savings tied up in the Eco Village, and made a bad decision to let myself be blackmailed by John because of my fear of being penny-less. This was one of the worst decision of my life.” When asked why Mr Davis admitted to “false and deceptive” practices in signing the settlement agreement with Mr Brier’s group, Mr De Cay explained this away by saying he wanted to preserve his Eco Village investment. “I got Billy to agree to their lies to help me out, because if the Eco Village doesn’t happen, I nothing at age 60,” he said. Mr De Cay, who said is a former US law enforcement officer, alleged that the settlement agreement was contrived to disguise the payment of so-called ‘blackmail’ money. “It is just plain and simple a group of spoiled rich kids that are mad at the world and the people of the Bahamas because they feel you guys took their money,” Mr

De Cay said. “What they did was make an investment, and an investment can go up or down and that is life.” However, Mr Brier and his investors responded that it was Mr De Cay who initiated the settlement talks, and that he was never coerced into them. Pointing out that the talks lasted for three weeks, they alleged: “As such, the settlement agreement was not the product of ‘blackmail’, extortion, duress, threats or any related theory. “Rather, the undisputed facts demonstrate that it was the product of a negotiated resolution to a dispute. After defendant negotiated and executed the settlement agreement, defendant performed for several months making timely payments, without objection. “Plaintiffs’ efforts to expose the sellers [Mr Davis] for their misrepresentations, through both the website and by contacting the FBI, had nothing to do with defendant,” the Brier group added. “There is absolutely no evidence whatsoever of threats being made against the defendant for the purpose of forcing him to enter the agreements.”

Bahamas, US hail regulatory links From pg B3

Pictured are members of the US and Bahamas government agencies working together at the 2016 EAA AirVenture Conference, taking place in Oshkosh, Wisconsin. Centr are representatives of the Bahamas Government agencies (Bahamas Ministry of Tourism, Customs, Department of Civil Aviation and Royal Bahamas Police Force) who are flanked by US Customs and Border Protection Agents. Photo/Larry Grace Photography

MARKET REPORT THURSDAY, 28 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,970.29 | CHG 0.00 | %CHG 0.00 | YTD 146.34 | YTD% 8.02 BISX LISTED & TRADED SECURITIES 52WK HI 4.01 17.43 9.09 3.50 4.70 0.18 8.34 8.40 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 7.90 6.90 12.25 11.00

52WK LOW 2.25 17.43 9.09 3.14 4.70 0.12 5.85 7.25 5.50 7.00 14.48 2.25 1.27 5.51 6.00 9.85 6.01 5.55 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

LAST CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.84 10.57 14.49 2.70 1.41 5.80 8.76 10.93 7.90 6.40 11.93 10.00

CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.84 10.57 14.49 2.70 1.41 5.80 8.76 10.93 7.90 6.40 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

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

115.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

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

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

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 13.2 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.5 27.4 28.7 8.5 11.4 14.3 11.4 12.2 9.1 15.8 0.0

YIELD 2.24% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.10% 3.42% 3.41% 4.21% 2.22% 2.84% 4.14% 3.14% 0.00% 3.54% 1.88% 5.36% 0.00%

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%

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

MUTUAL FUNDS 52WK HI 1.99 3.89 1.91 167.58 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 1.03 6.11 6.93 5.55 10.37 8.65

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.99 3.89 1.91 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 2.09% 4.15% 3.06% 6.67% 1.39% 3.06% 3.41% 5.18% 2.95% -0.58% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Jun-2016 30-Jun-2016 24-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

the conference and is the headquarters for US Customs and Border Protection agencies, including its air and marine operations, field operations, border protection (immigration) as well as National Oceanic Atmospheric Administration (NOAA). Mr Rolle said: “The relationship and partnership that the Bahamas enjoys with the US has been a long and fruitful one. “Year after year we have seen great synergy and improvements in our relationships, and a deeper trust and respect for our agencies and each other, which has unquestionably resulted in mutual growth and success for our nations.”

“The partnership between our two countries, the US and the Bahamas is a vital one” says Kris Grogan, spokesman for the Department of Homeland Security. “We are pleased with our partnership, relationship and success that our two countries have had, and our countries are both committed to the safety and protection of our borders and our people. “We serve as each other’s eyes and ears, and support each other on so many fronts, from humanitarian needs to border protection, that it is impossible for us to obtain and maintain the success we have without a strong partnership with each other.”

NOTICE

NOTICE is hereby given that JEAN BAPTISTE DUBREUS of #28 Carmichael Rd., P.O. Box N-7646, 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 28th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LOVE CARNISE JEAN of ACKLINS STREET, ANDROS AVE, P.O. BOX GT2876, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, EUDEAN LATITIA ALLAN of Maxwell Lane, off Farrington Rd. New Providence, Bahamas intend to change my name to EUDENE LATISHA ALLEN-McINTOSH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that HERMIN MERVIA DUSSIE OF SERENITY GARDENS, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JACQUELINE DORESTANT of WELLTON STREET, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, July 29, 2016, PAGE 7

Don’t ‘capitulate’ on our financial services From pg B1 be salvaged.” Mr Moss said the “end game” for the G-20 and OECD nations was full tax transparency and information exchange, in the belief that this would prevent their citizens and companies from avoiding due taxes in their home countries. “We have to change the model; no doubt about it,” he added. “But we missed a golden opportunity when we went for VAT as opposed to a low corporate and income tax. It doesn’t make sense.” Adopting a ‘low tax’ model would “let the international community know this is a place where people do not come to dodge tax”, Mr Moss said, while agreeing that the Bahamas also needed to encourage high net worth financial services clients to follow their assets here by making it their primary domicile. Tax compliance certificates could also be issued to prove these persons were legitimate payers in the Bahamas, he added, thus ena-

bling them to avoid ‘double taxation’ in their home jurisdictions. “We have to be in competition; tax competition,” Mr Moss told Tribune Business, “and be in the game where we offer these things. We have to do it. “I’m not sure why Mr Ingraham is talking that stuff. Maybe he’s recognised he had a hand in the decline of the industry, but he seems not to want to fight. He’s not even offering to fight; he simply wants to give it up. “That’s not the way. You ought not to give up what you believe in. You ought to fight and reinvent yourself, and that is through tax competition and transparency,”he added. “We can either wait for it to happen in five to 10 years, or lead and let everyone follow us. There must be new visionary leadership on it, and so far I’m not sure I’ve seen it out there.” Mr Ingraham said the passage of the 2000 legislative package to get the Bahamas off the Financial Action Task Force’s (FATF)

‘blacklist’ had only delayed the inevitable, and merely bought the nation some time, before its financial services industry contracted sharply. Mr Moss acknowledged that recent history showed developed nations would maintain constant regulatory pressure on the Bahamas and the financial services industry. Yet, continuing to argue that it could be countered, he said: “We have to say the Bahamas is a tax jurisdiction, and that if you come here you will be taxed. “That is the end game. We have to do that. They want to know that if there are international residents in the Bahamas and they are paying tax, it will be recorded.” Mr Moss continued: “That is the more optimistic attitude and approach. He’s [Mr Ingraham] an old warrior in the trenches, and that’s hurt him. “We’ve never really had people in government who understand financial services. We have to change the model, and it can’t be that if you come to the Bahamas, you pay no taxes. It makes no sense.”

Chamber chair urges greater minority investor safeguards

fees and other payments to related parties etc if they had any ability to control that,” he said.

From pg B1

the 21st century.

ability to appoint directors and strategic choices to buy assets or sell an asset. “What they do is implement legislation that says you allow a company to run by capital means and ownership means, but for certain key elements you protect the small man who may not have sufficient shares to hold management, or the Board and other shareholders, accountable.” Mr Bowe stressed that it was time for the Bahamas to move towards minority investor legislation and into

“In our environment, where we have so many ‘controlling block’ companies, it really is a situation of saying would the minority shareholders agree to elements like management

“The main thing is how do we move the pendulum on minority legislation that says we allow ourselves to be 21st century, but we have protecting guidelines in place to make sure someone can’t take advantage of us.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

PAGE 8 , Friday, July 29, 2016

Calling All High

SCHOOL STUDENTS

Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year. In the supplement we feature the profiles of high school students across the Bahamas and Family Islands. We want profiles from as many schools and students as possible to make this guide essential and informative.

Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded

7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).

How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format. By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau. By hand to The Tribune office The deadline for the profiles is July 29, 2016 and there is no cost involved. For any questions please contact Tribune Features at 5022373 or 502-2387 or 502-2411.

THE TRIBUNE

Watchdog: IMF response to European crisis “uneven” WASHINGTON (AP) — The International Monetary Fund was unprepared for the debt crisis that hit Europe and was slow to press for debt relief that might have eased Greece’s economic pain and allowed it to pay its bills, an IMF watchdog says. In a report released Thursday, the Independent Evaluation Office declared the IMF’s response “uneven.” The watchdog also suggested that the fund’s decision-making was vulnerable to political pressure — a charge that IMF chief Christine Lagarde rejected. The 2008 financial crisis left European countries with enormous debts and weak banks. As part of a so-called troika with the European Commission and the European Central Bank, the IMF bailed out Greece, Ireland and Portugal in 2010-2011. Greece has continued to struggle with high debts. To get the bailout money, Greece agreed to budget

cuts and tax increases, which drove the economy into a deep recession and made it even harder to pay its debts. The IMF was overly optimistic about Greece’s economic prospects, the report said. IMF policymakers, used to assisting poor, developing world countries, “did not foresee the magnitude of the risks” in wealthy Europe. Their “‘Europe is different’ mindset” prevented them from realizing that investors would react to the debt problems by dumping European bonds, driving up interest rates in troubled countries and making their debt problems worse, the evaluation office said. The IMF is not supposed to lend to countries whose debts are unsustainable. Analysts at the fund were divided over whether Greece’s 2010 deal — trading bailout money for painful reforms — would leave it able to pay its bills. But the IMF went along with the original bailout “even though its sovereign debt

was not deemed sustainable with a high probability,” the report said. The watchdog questioned whether IMF analysts buckled to political pressure from their troika partners, who wanted to provide the bailouts without offering Greece any debt relief. It recommended that the IMF take steps to “minimize the room for political intervention” in the future. But IMF Managing Director Lagarde rejected the idea, saying in a statement that she did “not accept the premise of the recommendation ... and thus do not see the need to develop new procedures.” The IMF is now calling for Greece’s creditors to restructure the country’s debts and has refused so far to go along with additional bailouts unless they include debt relief. The Independent Evaluation Office is a Washingtonbased independent agency set up in 2001 to investigate IMF activities.

British PM: Immigration control must be part of EU-UK deal WARSAW, Poland (AP) — British Prime Minister Theresa May made brief stops in two eastern members of the European Union on Thursday, stressing that her government seeks to remain engaged with them — and even intensify ties — despite its plans to leave the bloc. “Britain will remain an outward-looking nation — a strong voice for liberal, free market principles and democratic values,” May said in Bratislava, Slovakia, which holds the EU’s rotating presidency. She traveled next to Warsaw, Poland, the largest of the EU’s eastern members. There, she addressed an is-

sue key to Poles and their government — the fate of the 850,000 Poles living in the U.K. Until Britain actually leaves the EU, she said Poles will see no change to their rights in the U.K. In the future their rights will depend on what form of relationship London manages to negotiate with EU leaders. “I want and expect to be able to guarantee their rights in the U.K. The only circumstances in which that would not be possible would be if the rights of British citizens living across the EU were not guaranteed,” she said. “The U.K.’s exit from the EU should not weaken our

relationship with Poland, indeed we should strengthen it,” she said. In both capitals she stressed that the will of the British people to limit the movement of people — as reflected in the vote to leave the bloc — must be respected in any future arrangement with the EU. In Warsaw, she also said that “Poles living in the U.K. continue to be welcome and we value the contribution that they make to our country.” She also condemned the “shameful and despicable attacks” against Poles and other foreigners living in Britain following the vote in June to leave the EU.