By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A TRUSTEE for City Markets employee pension fund yesterday warned that the dispute over its main asset “must be resolved out-of-court” otherwise it will be tied up in litigation for another decade or more. Dennis Williams, the former Bahamas Electrical Workers Union (BVEWU) chief, who is now an attor ney, said the trustees’ position over the sale of the former City Markets
Ex-minister’s son denies land fraud
Obie Ferguson, the Trades Union Congress (TUC) president, told Trib une Business that the Davis administration had to-date “pretty much” exceeded
THE purchase of two Exuma cays, worth a collec tive $29m, by a US investor has been overturned by the Supreme Court which found the Bahamian ven dors obtained ownership of the islands via fraud.
Andrew Allen told Trib une Business he felt Chief Justice Ian Winder was “very, very wrong” in find ing that his clients, Gardie Nixon and Samuel Bur rows, had perpetrated a Quieting Titles Act fraud by failing to disclose all key facts when they obtained documentary ownership to Lumber Cay and Jim Cay
portfolio has been sold to Britannia Bank & Trust, the origins of which in The Bahamas dates back to 1997,” the EY accountant wrote.“Britannia, which prin cipally provides similar wealth management ser vices as Lucayas.... is a subsidiary of Britan nia Financial Group, a privately-owned holding company headquartered in London with a network of entities offering invest ment banking, securities, brokerage, asset and wealth management, banking and trust products and services in major financial centres.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
business@tribunemedia.net THURSDAY, SEPTEMBER 15, 2022
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Chief Justice Ian Winder, in a September 12, 2022, verdict, ruled that Gardie Nixon and Samuel Burrows had abused the Quieting Titles Act to obtain the original certificate of title to Lumber Cay and Jim Cay and that this “must be set aside”.Slamming the “false hoods” and “deliberate concealment” employed by the duo to obtain title to the islands, which was granted by the Supreme Court via a different case on July 18, 2017, the Chief Justice said the fraud meant the later sale of both islands to companies owned by a
Virginia-based developer, David Tilton, was “null and void”.His verdict, which has been seen by Tribune Busi ness, detailed allegations that the two islands were sold to Mr Tilton for a combined $1.8m - a sum equivalent to just 6.2 per cent of their combined appraised value. Lumber Cay, in particular, was said to have been appraised at $20m alone, and offers a prime real estate/tourism development opportunity as a 30-acre parcel located just 700 feet south of Stan iel Cay, the renowned boating and second home destination.TheChief Justice also reproduced legal documents claiming that the same attorney, Andrew Allen, son of late finance minister, Sir Wil liam Allen, represented both Gardie Nixon and Samuel Burrows in the
Bank client switch raises questions
OBIE
Title fraud blocks $29m Exuma deal
SEE PAGE B10 SEE PAGE B6 • Regulators silent on Britannia choice for Lucayas assets • Former’s ultimate principal charged with bribery in US
Key City Markets pension asset faces decade tie-up
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
headquarters building and warehouse on East-West Highway had not shifted for eightRespondingyears. to Trib une Business questions, he wrote in a brief e-mail: “As you know I am counsel and the matters are before the court. I will only state the following: Litigation in the press, half truths, spin doctoring and intellectual dishonesty by any party has not yielded any resolve to the matters at hand.
A pleadedMrterritory.torfinancialbidPuertoformerattempting&parentBritanniaestandtheUS.chargedprincipalinstitutionanotherclients,formeristratorBank-appointedCENTRALadminhastransferredLucayasBank(PIB)andtheirassets,toBahamas-basedwhoseultimatehassincebeenwithbriberyintheJulioHerreraVelutini,financierwhocontrolsownsamajorityinterinUK-headquarteredFinancialGroup,ofBritanniaBankTrust,isaccusedoftobribeacandidateforRicogovernorinatoensurehispreferredservicesregulawasinstalledintheUSTheindictmentagainstVelutini,whohasnotguiltyandis
Union chief hails ‘very good Gov’t marriage’
“The sale of the bank’s assets under management portfolio has been carried out in accordance with a process approved and overseen by the Central Bank of The Bahamas and continues to be in the best interest of its customers and stakeholders.” Lucayas is now in liquidation, with Mr Wizman having adver tised for creditor claims.
FERGUSON $6.25 $6.29 $6.31 $6.30
A TRADE union leader yesterday hailed “the very good marriage” that pres ently exists between the Government and organ ised labour, adding: “We’re trying to get our country back to where it used to be.”
The Central Bank used its enhanced powers under the recently-reformed Cen tral Bank Act to appoint Mr Wizman as statutory administrator of Lucayas Bank, the former Private Investment Bank (PIB), on October 27, 2021, after the regulator became con cerned its new owners had not lived up to com mitments to recapitalise the institution with equity cash. That is being vigor ously disputed before the Supreme Court.
SEE PAGE B6
Besides acting as the duo’s attorney in the qui eting action, Mr Allen was also alleged by the execu tors of Gardie’s father’s estate to have represented the US investor to whom both cays were on-sold for a collective $1.8m - just 6.2 percent of their $29m appraised value.
However, the late Sir William Allen’s son retorted that his clients did not know about the will said to have been left by Gardie’s late father, King. This will, and the failure to disclose its existence in making the Quieting Titles Act appli cation, was central to the
Mr Wizman, who did not respond to a Tribune Business e-mail seeking comment, told Lucayas clients via a May 2, 2022, notice that he was “working towards an expedited clos ing of the sale” to Britannia on or before May 16. “I can confirm that the bank’s assets under management
SEE PAGE B11 SEE PAGE B7
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FORMER Cabinet minister’s son yesterday vehemently denied alle gations that he played a key role in a land fraud conspiracy involving two Exuma cays worth a combined $29m.
vehemently denying all allegations against him, was disclosed just three months after Lucayas clients were informed by Igal Wizman, the EY (Ernst & Young) accountant and partner, that their assets were being sold to the Venezuelan’s Britannia Bank & Trust.
on July 18, 2017 (see other article on Page 1B).
A FORMER Bahamas Financial Services Board (BFSB) chief executive yesterday asserted this nation had “no choice” but to regulate the digital assets industry and was now in a “better place” for doing so.
Corporate gov ernance, which rests on the prin ciples of accountability, transparency, fairness, responsibility and risk man agement, is essential to well-run companies. These standards are always vis ible in the levels.increasedexposedernancebreachrepresentedissueitleadershipprinciplescorporatesiontheirthecertainapproachcontrastingofinthepubliccerningvibrantrecentlyhonouredgivinghowever,enterprisesspecifically,thecorporatetivebenationalion,institutions.best-performingInmyopinthereissignificanteconomicvaluetorealisedthrougheffecimplementationofgovernanceinpublicsectorand,morestate-owned(SOEs).This,muststartwithfullrespecttotime-principles.TheBahamaswasengagedinadiscussionconappointmentsininstitutions.Whilediscussionwaspoliticalnature,withtheintentdemonstratinghowaleadershipcouldmitigatechallenges,whenissuesaredistilledtobarebones,thediscuswasmuchmoreaboutgovernancethanpoliticalstylesoratleastshouldbe.Thepointatintheconversationafundamentalofacorporategovprinciple,whichanorganisationtoriskatmultiple
and every director has an explicit responsibility to ensure those rules are respected. Individual fail ings at the Board level seemingly often escape the fundamental ques tion: “Where were the other directors, and how did they vote?”
The Government and SOEs must pay greater attention to effective gov ernance as a means of unlocking critical value for citizens and taxpay ers. Having regard for the budgetary constraints
NB: Hubert Edwards is the principal of Next Level Solutions (NLS), a manage ment consultancy firm. He can be reached at info@ tionsbahamas.com.availableThisDevelopmentance’sforalsostrategiclaundering,consulting,development,policyment,enterpriseservicesfinance.(GRC),ance,Henlsolustionsbahamas.com.specialisesingovernriskandcomplianceaccountingandNLSprovidesintheareasofriskmanageinternalauditandandproceduresregulatoryanti-moneyaccountingandplanning.HubertchairstheOrganisationResponsibleGovern(ORG)EconomicCommittee.andotherarticlesareatwww.nlsolu
Reforms
Executive chairs at SOEs are a ‘no go’
risk exposures, and this is always going to be fur ther exacerbated where there is a concentration of power in the management oversight process.
PAGE 2, Thursday, September 15, 2022 THE TRIBUNE
Or do we want to wait until every other jurisdiction as a regime has attracted signifi cant amounts of business?”
Aliya Allen, now an attorney and partner at the Graham, Thompson & Company law firm, told the Nassau Conference that the evolution of crypto curren cies, blockchain and other related assets and technol ogy will continue to change how the global financial ser vices business operates.
These are the critical elements, consistent with the principles of corporate governance, but which the concentration of power has the potential to sup press and consequently undermine Board effec tiveness. Robust challenge and dissent is often miss ing where there is a lack of trust, which is generally evidenced by confrontation avoidance and acquiescence to a dominant personality, creating opportunities to subvert standard policies and procedures and thereby diminishing the usefulness of the board.
principles encourage rec ognition of the fact that there are two distinctly separate sources of a company’s management and control. The first is the Board of Directors, which is responsible for the strategic direction, and the second is the execu tive managers, responsible for the day-to-day man agement and operations.
“We really don’t have a choice but to regulate the digital asset business. The FATF (Financial Action Task Force) has told us: ‘You have to regulate digital assets.’ What we have done as a jurisdiction is said: ‘We want to regulate it, and we want to be friendly to those businesses. That’s actually pretty good government policy to actually identify something that you want to develop right now.”
“Not because I know that there are a lot of bad apples, but because that’s just the nature of anything emerging, I believe. So reg ulation kind of weeds them out, hopefully, quickly.”
Ingovernment.abroader sense, the call is for a public sectorwide governance regime, as seen elsewhere in the region. The Govern ment should consider advancing a corporate governance framework for public bodies with the goal of ensuring best prac tices become commonplace across the public sector and relatedPolicymakersentities. and public Boards must then demon strate greater and consistent adherence to governance and risk management prin ciples, resist the urge to appoint executive chairs, and avoid best practice breaches that have the abil ity to adversely affect the quality of decision-making and oversight.
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
For example, the level of service they provide affects economic growth.
where both winners and losers will emerge due to the dramatic plunge in value of cryptocurrencies, she added: “There will be a lot of other things, but there will certainly be some win ners out of it. And those winners could be from The Bahamas, and why shouldn’t they be?
Increased taxpayer subsi dies, as a result of being run inefficiently, could lead to further expansion of the $11bn-plus national debt, while the same inef ficiencies undermine the Government’s agenda to deliver productive pro grammes and initiatives.
Hubert edwards by
Antoine Bastian, Genesis Fund Services’ executive chairman, added: “If you see cryptocurrency funds or vehicles, it’s basically indi viduals or families who are putting together a structure, and that’s it. From a trad ing perspective you have to have this game well-reg ulated, because there are a lot of bad apples.
Respect for the principles of corporate governance is, therefore, an important matter that should be taken more seriously than it has been up to now. This sets the stage for a programme of reforms that could lead
As to whether The Baha mas should have been among the first-movers into the digital assets space, she said: “We have to decide as a jurisdiction where we want to be in a life cycle of a new business. Do want to be at the beginning, where things are just forming? Do we want to enter in the middle, where regulatory rules are there but unclear?
In The Bahamas, the focus on corporate gov ernance is usually high for regulated institutions, finan cial or publicly listed, and is seemingly more impor tant in the private sector. It needs to take on greater prominence in the public sector. With taxpayer sub sidies of more than $400m and consistent under-per formance, SOEs represent one of the greatest oppor tunities for governance reforms to secure tangi ble economic savings for The Bahamas. It is gener ally accepted that many of these organisations have both risk management and corporate governance defi ciencies. Appointments to public boards are often not accompanied with adequate orientation and training to aid directors in fully under standing their role and responsibilities, plus their rights and legal obligations in discharging their fiduci ary responsibilities. These failings create important
The governance and risk culture in these entities is often not conducive to maintaining robust strate gic oversight. With some directors having limited understanding, or experi ence, it could create an environment where influ ential chairpersons could take advantage of such directors to advance their desires while simulta neously controlling the “mind” of the executive. This lack of experience, exposure and knowledge, in some instances, renders some SOE boards highly susceptible to the power an executive chairman can exert, even if unintentional. Having regard for this, and coupled with very clear and authoritative corporate governance principles, the post of executive chairman should be a “no go” area and discontinued in public corporations. Policymak ers should note the benefits corporate governance can bring to these SOEs, and take the necessary steps to ensure improvements are secured as part of a broader effort to enhance risk management and corpo rate governance across the entire public sector.
A Board’s decisions are always deemed collec tive. Effective governance is a critical pre-requisite for company success. The Board is a collegial organ ism, not a congenial one. There should be active chal lenges and curious probing. The role of executive chair often has the power to limit dissent. Wherever dissent is not tolerated there is bound to be sub-optimal decision making, at best, or out right bad decisions, failures and losses, at worst. Dis sent is most vibrant where trust is high, where there is mutual respect, information is shared freely but appro priately, and challenges are based on intelligent and common understanding of the matter at hand.
An executive chairman merges these two very dis tinct functions, thereby potentially undermining critical risk management controls and organisational checks and balances. While such appointments have become commonplace on SOE Boards, best practice strongly recommends that the role of chief executive and Board chairman should be kept separate. The main reason being to ensure that power and authority does not become concentrated in a single Simplyindividual.put,given the observed perennial weak nesses in SOEs, vesting executive power in a chair man creates a position that is excessively powerful.
Quality decision-making by SOEs holds serious impli cations for The Bahamas.
An effective corporate governance regime helps to ensure accountability and transparency for direc tors, company officers and the wider organisation. It should specify and docu ment the responsibilities of the Board and its com mittees. A well-developed governance framework should specify those mat ters that are reserved solely for the Board’s decisions,
and prevailing economic climate, which makes it imprudent to cut support at this time, focus should seriously shift to how to make these organisations more effective. I believe the starting point is fixing the corporate governance and risk management regimes of these SOEs with a view to reducing reliance on cen tral
Noting that the global digital assets industry is in a so-called “crypto-winter”,
The consequences
The principle Successive adminis trations have appointed persons to executive chairmanship roles. An executive chair is a fun damental corporate governance issue, since it represents an approach that is contrary to best practice for both effec tive risk management and corporate governance. Corporate governance
Action Steps
Bahamas in ‘better place’ for digital asset regulation
a fundamental revolution in SOE performance.
completed for the buildout. That should start any day. So we’re still moving forward with the goal to be there within the first quar ter,” Mr Pinder said.
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
The Registrar General’s Department is a vital hub
Mr Rolle added that the regular tor was using the best pre-pandemic tourism performance - attained between January to August 2019, and September to December 2018 to measure The Bahamas’ progress and strength of the post-COVID rebound. The September to Decem ber 2019 period has been excluded
Mr Pinder added that the present global consensus on a 15 percent minimum global corporate tax rate could fall apart if Liz Truss, the new UK prime minister, sticks to previous promises not to support it.
Elsewhere, the attorney general said The Bahamas has to “keep up with and be aligned on” the Euro pean Union’s (EU) efforts to develop its own version of the Financial Action Task Force (FATF). How ever, such a move “doesn’t scare” him.
JOHN ROLLE
“The Chamber of Commerce has agreed to work with the
THE TRIBUNE Thursday, September 15, 2022, PAGE 3
Ryan Pinder KC, speaking at the Nassau Conference, said it “may” be split into civil and com panies registries as the transformation process
to search a company name, one still has to request an appointment with office clerks, and it can take sev eral days to get a date.
THE CENTRAL Bank’s gover nor yesterday warned the Bahamian economy could return to its tra ditional annual growth rate of 2 percent or less as early as 2024.
John Rolle, addressing the Nassau Conference, said the tourism indus try’s return to pre-COVID business volumes will be completed “at some point in 2023”, with the higher annual gross domestic product (GDP) growth enjoyed in 2021 and 2022 moderating once again.
- closely modelled on the Cayman Islands - evolves.
Mr Rolle also pledged that the Central Bank will “ramp up” adoption of the Baha mian digital currency, the Sand Dollar. “In our national cam paign, at least one million Sand Dollars will be distributed to mobile wallet users over the next two years. We will also execute a broader public educa tion campaign to encourage the public to use less cash,” he said.
Central Bank on a survey that will be released to the local business community within the next week that will help iden tify some of the pain points being“Theexperienced.CentralBank also plans to develop, in this general area, a scorecard for each domestic entity on inclusion and ease of doing business to motivate, benchmark more targeted improvements in these areas. And it has been suggested that once these scorecards are developed, they should be published,” the governor continued.“Essentially what we’re get ting at is that when we do the bank examinations, we will explicitly look at the sys tems and practices within the institutions that impact those outcomes measured against the evolving standards that the Central Bank requires, but also the standards which the institu tions have documented.”
“Going into 2024, this momen tum is expected to have ended and The Bahamas could again pay atten tion to GDP growth that is only close to 2 percent per annum,” he said.
Governor targets 1m Sand Dollar issuance
He added: “The chal lenge for countries with limited capacities is that
keeping up with the differ ent international regulatory institutions is a necessity. I think what you’re going to eventually see, hope fully in the short-term, is that we have a government framework for all of these international obligations that is a little segregated.”
“We’re on target for a first quarter pilot of the dig ital platform,” Mr Pinder said. “Those who do busi ness within the region, and specifically in the Cay mans, the Cayman Islands platform is what we’re building and adopting. We’ve engaged the same consultant that built their platform for our platform. We’re looking at additional opportunities to build effi ciencies there.”
BAHAMAS’ GROWTH COULD DROP-OFF TO 2% BY ‘24
due to the impact from Hurricane Dorian.“Itis
important to extract more value added from the existing base of both cruise visitors and stopovers, and we need not go into some of the strategies that have been put for ward as to how we do that. I think we are acutely aware of the approaches that have been put forth,” the Cen tral Bank governor added.
Mr Pinder said reform will happen, with the Gov ernment prepared to enact new laws to drive change if these cannot be effected through policy. The Registrar General’s Depart ment will also be moving across Shirley Street into new offices at the Bahamas Financial Centre.
“Second,necessary.thesovereign has the capacity in the near-term to mediumterm to raise more of its financing needs in local currency. The econ omy can sustain the increase in domestic borrowing without a drain on the foreign reserves.”
‘pilot’ in early 2023 launch
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
“Beyond the rebound, tourism is likely to be more constrained, how ever, by the headwinds of elevated oil prices and counter-measures at the major foreign central banks to fight off inflation. The sovereign has the capacity to undertake whatever financial measures are necessary to continue to meet its obligations, and taxpayers have the capacity to shoul der such measures if the extremes become
for the functioning of the Bahamian financial ser vices industry and entire corporate sector, especially the legal, real estate and related professions when it comes to the recording of conveyances, as well as for companies incorporations, annual returns and other filing.It has, however, been viewed by many in the pri vate sector as a consistent choke point or bottleneck for tasks as simple as reserv ing a company name due to operations that are still largely manual-based. And
THE ATTORNEY Gen eral yesterday said the Registrar General’s Depart ment will launch a “pilot” digital platform by the 2023 first quarter with the agency possibly being split into two separate sections.
THE CENTRAL Bank’s governor yesterday said “steps” are being taken to draft legis lation for the creation of the proposed movable collateral assetJohnregistry.Rolle told the Nassau Conference: “The movable col lateral asset registry is being scoped in The Bahamas. That would strengthen the environ ment for secured lending for businesses.“Theinitial consultation for the collateral registry ended in August of this year. The Central Bank is now collating the public feedback that was received, and expects to work with the Government to finalise the drafting of the legislation for the registry.”
Registrar General’s digital
“The architects have been engaged, and draw ings have been effectively
SECTORCONSTRUCTIONTIE-UPSTRENGTHENSBTVIWITH
industry has moved to reduce reliance on expatriate labour, which is being imported at an “alarming rate”, by strength ening its partnership with the Bahamas Technical and Voca tional Institute (BTVI).
Dexter Adder ley, the BISX-listed petroleum products and energy supplier’s presi dent and chief executive, disclosed that Robert T Hall, an electrical engineer, and Philip T Brown, his mechanical counterparts, have been elevated into the higher ranks at Bahamas Utilities“RobertCompany.Hallhas been promoted from energy pro duction manager to general manager, and Phillip Brown from lead maintenance engineer to plant man ager, effective September 1, 2022,” Mr Adderley said in a statement. “Both promotions are strategic and integral to Bahamas Utilities’ goal of providing reliable and cost-effective energy services throughout the“Robertcountry.is a career elec trical engineer with over 26 years of experience in the power generation sector. He possesses a unique blend of technical and people skills that has allowed him to make significant contribu tions to the development of Bahamas Utilities. His overall knowledge of the industry, and his continued focus and commitment to customer service, people and operational excellence, will play an important role in the growth of the company“Phillip is a mechanical engineer with over 17 years
of experience in the power generation sector. His pas sion and commitment to operational excellence align well with the organisation, and have become the hall mark of his career. In his expanded leadership role, we are confident that Phil lip will have a significant impact on his team and the overall development of the company.”MrHall attained a Bachelor of Engineering degree at the University of Sussex in the UK, plus a Bachelor of Electrical and Electronic Engineer ing from the the-College of The Bahamas in 1998. He earned an Associate of Arts in Computer Data Processing in 1994 from the UK’s City & Guilds of London Institute.
states. Discussions have focused on regional recovery following the pandemic, and plans for the future of tourism.
FOCOL SUBSIDIARY ELEVATES BAHAMIAN ENGINEERING DUO
PAGE 4, Thursday, September 15, 2022 THE TRIBUNE
Dr Linda Davis, BTVI’s interim president, committed the institution to changing the oftrepeated narrative about a lack of qualified, skilled workers in The“TheBahamas.cryfrom many is that we cannot find enough trained Bahamians. We have to change the narrative. We have the exper tise in terms of instructors at BTVI, and through partnerships with industry, and are delighted to be signing this agreement. I give homage to and credit to my predecessor, Dr Robertson; we thank him,” said Dr Davis. “Now, we take it to another level. We are nothing unless industry endorses what we do.”
ACTG. DG Latia Duncombe presents to CTO Members.
Mr Cooper was due to par ticipate in a panel discussion moderated by Peter Cerda, IATA’s regional vice-president for the Americas. The Caribbean Youth Congress, which is
and presentations on Bahamian tourism developments.
Sales & Full Service Department T: 322-2188/9 www.geoffjones242.com456-7423 LAUNDRY RELOADED.
DPM leading Bahamas team at Caribbean tourism summit
BTVI, in a statement, says it has signed a new Memoran dum of Understanding (MoU) with the Bahamian Contractors Association (BCA) to advance their common goal of boosting construction workforce develop ment and Leonardskills.Sands, the BCA’s president, said The Bahamas is importing technical skills at an “alarming rate”. He described BTVI as the “hidden oppor tunity” to reduce reliance on expatriate labour, and encour aged the Institute to offer more evening classes for those in the construction industry who work late into the afternoon.
The CTO is a tourism develop ment agency for the Caribbean region, with 24 member states. Its vision is to “position the Car ibbean as the most desirable, year-round, warm weather desti nation”, and it provides support to members in marketing, sus tainable tourism, communications and research and information technology.
PICTURED from left to right: Geni Thompson, Chester Cooper and Mark Scotland.
THE deputy prime minister has led a Bahamian team to a major Caribbean tourism confer ence being staged this week in the CaymanChesterIslands.Cooper, also min ister of tourism, investments and aviation, has been joined by Latia Duncombe, the Minis try of Tourism’s acting director general, and Dr Kenneth Romer, its deputy director-general and acting director of aviation, at the Caribbean Tourism Organisa tion’s (CTO) council of ministers and commissioners of tourism meetings.Thefour-day summit, which concludes today, is being attended by ministers, directors of tour ism, senior executives, media, aviation experts and regional students from CTO member
Mr Brown, mean while, holds a Bachelor of Science degree in mechani cal engineering from University of Florida and an Associate of Arts, Phys ics and Mathematics with A-levels from the College of the Bahamas. He is a member of the Bahamas Society of Engineers (BSE) and the American Society of Mechanical Engineers (ASME).
an annual part of CTO’s tourism programme, will be held today. It will bring together 11 junior ministers of tourism from 11 Car ibbean countries, including The Bahamas, which is being repre sented by Kelvin Archer.
Mr Cooper said: “We hope to build stronger relations with our tourism counterparts in the region, and create a successful strategy that will enhance the Caribbean tourism product and facilitate economic recovery. We all have shared similar challenges and difficulties over the past two years due to the COVID-19 pandemic, and are hopeful for a brighter future for Caribbean tourism.”CTOcouncil ministers, tour ism directors and private sector executives wee due to discuss and approve the work plan, budget and other proposals. Mrs Dun combe also gave media briefings
CTO meetings have been on hold since 2020, making this meeting the organisation’s first in-person event following the COVID-19 pandemic.
The International Air Trans port Association (IATA) yesterday hosted its fourth Car ibbean Aviation Day under the theme ‘Recover, Reconnect, Revive’. It brought together avia tion and tourism executives, as well as government ministers and other industry stakehold ers to discuss the sector’s biggest opportunities and key challenges in the Caribbean region, with the aim of identifying ways to rebuild a more competitive air transport sector post-COVID.
THE CONSTRUCTION
FOCOL Holdings has confirmed the promotion of two Bahamian engineers at one of its affiliates.
Mr Hall also holds the Ordinary Technicians Diploma in electrical and mechanical engineering, and Synergy Bahamas’ project management profes sional (PMP) certification gained in 2018).
THE TRIBUNE Thursday, September 15, 2022, PAGE 5
global relations consult ant; Reginald Saunders, the Ministry of Tourism’s permanent secretary; Dr Kenneth Romer, the Min istry of Tourism’s deputy director general; and other officials. Mr Cooper and tourism executives are pic tured with Sandals chief executive, Adam Stewart, and his executive team.
What Sandals could not have planned for was the
sudden, untimely death of Mr Stewart’s father and the resort chain’s founder, Gordon ‘Butch’ Stewart, in January 2021. Mr Stewart, who had spent his youth and career working for the company and learning from his father, assumed the lead.
“For the 29th con secutive year, Sandals won the World Travel Awards,” he announced, crediting his late father with creating “the only
superbrand to come out of the“ThereCaribbean”.isare-set taking place in Caribbean travel,”
Under the ‘Sandals 2.0’ strategy, plans include going through every hotel
In Jamaica, Sandals Dunn’s River and Beaches (family brand) Runaway Bay will be enhanced with
In Nassau, Sandals Royal Bahamian’s phase one ren ovation is complete with further enhancements to
SANDALS will shortly offer high-level guests a Mini convertible and certifi cates for dining at outside restaurants as part of its ‘2.0’ strategy that involves off-property experience.
Mr Stewart said. “There is more natural beauty in this region than anywhere else in the world, and we want to share it all with our guests. We don’t want what travel once was. We want to take it where it can go. We want it to blow your mind.”
and seeing how it can be enhanced, upgraded, and what new elements can be included.“Overthe coming couple of years, with the open ing of new properties in St Vincent and Dunn’s River in Jamaica, not only will we be enhancing our offerings but also adding about 3,000 staff members across the board,” he said.
three and four bedroom suites, together with a prop erty in St Vincent. A Greg Norman golf course will be added at Beaches Runaway Bay, while some proper ties will feature overwater bungalows.
CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, addressed the American Society of Travel Advi sors (ASTA) Caribbean Showcase at Sandals Royal Bahamian resort on Sunday.Also present were his wife, Cecilia Cooper; Senator Randy Rolle, the Ministry of Tourism’s senior
“I was sitting in my home on the beach in Jamaica, and I looked outside to my left. The sky had never been so blue, the water had never been so clear, the sand had never been so white, the view had never been so beautiful, and the word resilience popped into myNevermind.”for a moment, Mr Stewart added, did he buy into “the false narra tive” that travel would not rebound. “We had a team of 15,000 people looking at us and saying: ‘What now?’ We went into high gear to keep the eco-system of Caribbean tourism at large, and that of Sandals Resorts International, going. Not only would we be ready, we’d be first,” he said.
PHOTOS:Kemuel Stubbs/BIS
SANDALS executive chairman, Adam Stewart, unveiled the resort chain’s Caribbean and Bahamas expansion plans during the ASTA 2022 Showcase held at Sandals Royal Bahamian this week.
SANDALS EXPANDS VISION TO OFF-PROPERTY ACTIVITIES
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Adam Stewart, the resort chain’s executive chair man, unveiled its intentions to broaden guest vaca tions beyond the typical all-inclusive stay when he addressed nearly 500 travel agents from the US, Canada and the Caribbean during the meeting of their association, ASTA, at San dals Royal Bahamian this weekend.Branding tourism “the greatest industry in the world”, he unveiled the ‘Sandals 2.0’ vision while recalling the exact moment in March 2020 that he learnt COVID-19 was shut ting down worldwide travel. Mr Stewart said: “It felt like the sky was falling.
the property on target. San dals Royal Curacao will be the first in the chain to take the all-inclusive con cept to the next stage, with guests at certain levels being offered a Mini con vertible and certificates for on-island dining at outside restaurants. That experi ence will be offered at Sandals Royal Bahamian in Nassau next.
negotiated the deal signed on Tuesday in just two weeks.“The technique we’re trying to implement is we’re going to deal with all rel evant issues,” Mr Ferguson explained. “If an agreement has been good for the last 10-15 years, don’t renegoti ate what’s accepted. Sloan Smith [head of the Customs and Immigration union] was able to complete his indus trial agreement in less than two“That’sweeks.the approach the TUC has decided upon. You go for things that actually
Research by Tribune Business, using Britannia Financial Group’s filings at the UK’s Companies House, reveals that Mr Velutini stepped down as a director
FROM PAGE B1 FROM PAGE B1
Mr Ferguson added that the Government has been living up to its MoU with the trade unions “to the letter. They are doing everything
“In terms of increases, in the first year, we are look ing at least one increment in terms of an increase, one increment, plus a normal increment. The second year, they are offering two incre ments, plus the normal increment, and then in the third year, one increment plus the nominal increment.”
need to be addressed, such as the money. We have changed our approach to industrial agreements, and the Government of The Bahamas has been receptive to it. That’s the way to nego tiate, not get people excited about money, but get them focused on productivity. We’re trying to get our coun try back to where it used to be so everyone benefits from it, employer and employee.”
Mr Smith said on Tues day of the Customs and Immigration deal: “This agreement has a number of things in it, primarily, we’re looking at the increase during a difficult time, the government is offering mar ginal increases, if I may say it that way. Though mar ginal, it is something that the membership accepted.
Disclosing that trade unions were adopting a new approach to industrial agreement negotiations, where they focused on pay, benefits and overall finan cial terms and carried over non-controversial clauses from previous deals, he added that the Bahamas Customs, Immigration and Allied Workers Union had
years. Their assets are now in the care of a fourth insti tution during that time, having been sold by PIB’s owner, Banque Cramer, only for it to take them back and ultimately settle on Lucayas’ principals as the preferred purchaser.JohnRolle, the Central Bank’s governor, declined to respond to Tribune Busi ness questions over the Britannia/Velutini and Lucayas situation. “The Central Bank does not make public comments on such matters,” he replied, when asked by this newspa per whether the regulator was aware of the charges against Mr Velutini, and if this was likely to provoke a regulatory response in The Bahamas in terms of
He was also asked if the client asset transfer had been completed, and if the indictment against Britan nia’s ultimate principal and controlling shareholder would interrupt the process or prompt a rethink. The US government indictment against Mr Velutini, who is free on a $1m bond and awaiting trial, alleges he “sought to interfere with the functions” of Puerto Rico’s financial services regula tors by paying bribes to a candidate for the island’s governorship, Wanda Vazquez Garced.
His Bancredito Inter national Bank & Trust Corporation had undergone a
The TUC chief identified industrial agreements for the Bahamas Doctors Union and Consultant Physicians Staff Association, which rep resent the junior and senior doctors at Princess Margaret Hospital respectively, and deals for the General Work ers Union with the Bahamas
Bank client switch raises questions
There is nothing to sug gest Mr Wizman, the Central Bank and others involved in the sale and transfer of Lucayas Bank’s client assets to Britannia Bank & Trust have done anything wrong. However, the fact that the US Justice Department charges were unveiled against Mr Velutini so soon afterwards is likely to raise questions about whether the level of due diligence conducted was suf ficiently thorough.
And now-former Lucayas clients may well have ‘out of the frying pan, into the fire’ sentiments given the turmoil they have endured through multiple ownership changes within a matter of several
in May this year just months before the US charges were unveiled. However, there has been no indication of any ownership change, with corporate documents show ing he “exercises significant influence or control over the activities of a trust” that owns 75 percent or more of the UK Britanniaparent.entered the Bahamian financial services market relatively recently when it paid £22.416m to acquire the former Amber Bank & Trust in 2019. The financials for the UK parent for that year, the last to be filed, show that £15.514m was paid for Amber’s net assets upon acquisition, with the remainder repre senting a £6.902m goodwill premium.Britannia Financial Group, in which Mr Velu tini has a controlling interest of more than 75 percent, is shown to own 99.98 per cent of Britannia Bank & Trust’s equity share capital. It acquired Amber Bank & Trust in a year when it suf fered a £4.404m loss.
expectations following its signing of Memorandum of Understanding (MoU) with workers when in Opposition.
Agricultural and Indus trial Corporation (BAIC) and Bahamas Technical and Vocational Institute (BTVI), as being among the remaining labour matters outstanding.Earlierthis year, the Davis administration signed new labour contracts with about five different unions, includ ing the Bahamas Nurses Union, the Public Managers Union, the Bahamas Educa tors, Counsellors and Allied Workers Union and on Tues day the Bahamas Teachers Union.
There is nothing to sug gest that Britannia Bank & Trust and Britannia Securities, or their direc tors, shareholders and staff, have done anything wrong in relation to Mr Velutini’s Puerto Rico woes.
Velutini, Jose’s brother, as the principal of Britannia Bank & Trust, with fil ings from UK Companies House also confirming he resides in The Bahamas and is a director of the UK parent. Another Britannia Financial Group director is Vincenzo Piantedosi, who sold Amber Bank & Trust to the UK parent and Mr Velu tini, and who is listed as a contact person for the Baha mian securities business.
Britannia Financial Group did not respond to Tribune Business requests for comments, or questions on whether the client asset transfer from Lucayas Bank was now complete and if Mr Velutini still retains control. It also did not respond when asked if Britannia Bank & Trust was the runner-up to Lucayas’ owners in the bidding for PIB, although Tribune Business sources have confirmed it was.
so far that they agreed to do. We have a very good marriage right now. The marriage is working. They have really complied with what they had agreed. We are all happy that they are living up to the expectations of the agreement.”
an ‘inspection for cause’ on Britannia or other addi tional scrutiny.
regulatory inspection which, on September 18, 2020, “identified numerous areas” that “required corrective action”. Included in the deficiencies was the bank’s failure to file suspicious activity reports (SARs) as required by US law, with regulators identifying “dozens of transactions.... deemed“Severalsuspicious”.ofthese finan cial transactions involved bank accounts and entities owned or controlled by the bank’s owner, Velutini,” the US government alleged. It added that Bancredito “conducted business with corporations located in New York, Florida, Panama, The Bahamas and elsewhere”, although Britannia Bank & Trust and its Bahamian broker/dealer affiliate, Bri tannia Securities, were not mentioned by name.
The Bahamas Financial Services Board’s (BFSB) website names Jose Herrera
Union chief hails ‘very good Gov’t marriage’
PAGE 6, Thursday, September 15, 2022 THE TRIBUNE
Mr Williams declined to comment further. He spoke out after Gavin Watchorn, AML Foods president and chief executive, told Trib une Business it had been left with little choice but to “move on” from its sixyear attempt to acquire the East-West Highway prop erty after the out-of-court settlement it proposed did not receive unanimous acceptance.AMLFoods, which has long been seeking a new home for its Cost Right brand, has instead reached a deal to acquire the portion of the build ing that houses its present Solomon’s SuperCentre. It plans to invest a total $17m in converting that 80,000 square feet into a retail destination housing both Solomon’s neighbor hood grocery concept and Cost Right’s wholesale club
settlement offer. And he did not name the other three parties, or identify the two that had consented to AML Foods’ proposal or the one that rejected it.
“The position of the current trustees has not changed since 2014 (almost ten years now). The matter must be resolved out-ofcourt, otherwise it will linger in court for possibly ten years or more, possi bly going all the way to the Privy Council. That is not good for the workers, and they should ask who has and will never want the matter to be resolved . We trust that all parties will resolve this matter in the best interest of all reason able parties involved.?
from page B1
do right by everybody, but ultimately had to move on. It’s unfortunate that the facility continues to dete riorate, and it’s unfortunate the pensioners are still wait ing on funds. They have to continue to wait to get a retirement from that.”
ESTATE OF ROGER FYFE KELTY
Rather than the former City Markets headquarters, Cost Right will instead be relocating several hundred yards up the road on the East-West Highway.
TAKE NOTICE that anyone having a claim against the Estate of ROGER FYFE KELTY late of Towers of Cable Beach, Nassau, The Bahamas, who died on the 30th day of December, 2021, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th September, A.D., 2022.
Role Outline: • Unit Layouts and Quality control • Framing/Studding • Carpentry Quality Control • Tray Ceilings • Baseboard • Trims, Cabinetry, Countertops • Tiles • Vanity Heights and Installation • Organizing Workers, Managing Tasks Efficiently • Liaising with HVAC, Plumbing and Electrical • Liaising with Management and Design Team Requirements: • At Least 10 Years’ Experience • Work Monday Saturday • Background in Carpentry Ideally • Must Have Worked on Large Residential Job Sites Before • Must Have at Least 5 Years Management Experience • Must Have a Car Career Opportunity HEAD OF CONSTRUCTION email: hr@palmcay.com
The ex-City Markets headquarters and ware house was the main asset owned by the failed super market chain’s employee pension plan, which was formally called the Baha mas Supermarkets Ltd Profit Sharing Retirement Plan. Branding the situ ation “unfortunate”, Mr Watchorn told Tribune Business: “We’ve given a real go at trying to get a deal done and settlement down“Wethere.appreciate there are some pensioners still wait ing to get their retirement benefits out of that transac tion, but unfortunately we were unsuccessful in get ting all parties to agree to what we had offered. From a business perspective, we have to move on and let it run through the legal procedures and see what comes out of that. I am con fident AML has done what it can to get a settlement, but at this point we’re just resolved to let the matter be addressed through the court.“We believe we’ve exhausted.... we put a lot of work into trying to get an agreement everybody could be happy with and, unfortunately, we were not successful in getting that done. We wanted to
The impasse largely stems from relations between the other three parties, rather than AML Foods, whose purchase has effectively been caught in the middle of their dispute. AML Foods’ latest annual report, for the 2022 financial year,
Mr Watchorn declined to detail AML Foods’
Key City Markets pension asset faces decade tie-up
format, with the latter relo cated from the Town Centre Mall before Acknowledgingend-2023. that hundreds of ex-City Mar kets staff were depending on the former head office’s sale proposed $3.36m sale to AML Foods, and subse quent proceeds, for their retirement benefits, Mr Watchorn told this news paper it was “unfortunate” that AML Foods’ suggested resolution was not accepted and that the retail group has “exhausted” all possible remedies.Headded that it will now be up to the Supreme Court, and judicial system, to resolve the fate of the 6.52-acre property that also includes a warehouse facil ity and is part of the Soldier Road Industrial Park. The legal process will likely take several further years, and the AML Foods chief said the property “continues to deteriorate” in the absence of a settlement - a devel opment that will further cut the monies obtained by retirees from any eventual sale.“We believe we had pur chased the former City Markets building with the intention to relocate Cost Right there,” Mr Watchorn told Tribune Business. “It’s been subject to various liti gation. At AML, we had worked quite hard towards the end of 2021 into early 2022 with the various par ties to reach some kind of
settlement, some kind of agreement.”Whilenot providing any details, he explained that the proposal was designed to satisfy the interests of all sides involved in the dispute while also enabling AML Foods’ purchase to proceed. Besides the Solomon’s and Cost Right owner, Mr Watchorn said three other parties were involved, making a total of four.While AML Foods was able to secure a written agreement to its proposal from one other side, and a verbal approval from another, it was unable to gain acceptance from the third and final party. “At this point we’re going to leave it to the court to work it out,” Mr Watchorn said. “There are a number of matters before the court, which I cannot comment on.“Strategically, we cannot wait. We have a business to run, and have to make the best decision for the business. For Cost Right, there’s no secret that we’ve been looking for a new home for some time, and this transaction [involving the Solomon’s SuperCen tre building] came up.”
THE TRIBUNE Thursday, September 15, 2022, PAGE 7
said: “On September 21, 2016, the company signed an agreement to purchase a building located at Sol dier Road industrial site for $3.359m.“Subsequent to the pay ment of the final purchase price in July 2017, a dis pute arose as to the ability of the vendors [the pension fund trustees] to provide good title to the property. This dispute is currently before the Supreme Court. Included in other assets is $3.138m which excludes VAT.”
arm’s length transaction,” his verdict said. “Addition ally, the ultimate beneficial owner of the purchasers was the person who funded the quieting action.”
Essentially this was a disa greement between two parties. The judge felt they [Gardie and Mr Burrows] knew certain things. I didn’t know.”TheChief Justice’s ruling reproduced the executors statement of claim, which alleged that Gardie and Mr Burrows “with the advice, counsel and/or assistance of Andrew Allen.... knowingly, willfully and deliberately deceived and/or misled the court and obtained the said Certificate of Title by fraud”.MrAllen was said to have been president, director and a shareholder of two companies, Archipelago Development & Resorts III and Jim Cay Company, to which Gardie and Mr Burrows sold Lumber Cay and Jim Cay, respectively,
engage in it or profit from it.
contention brought by the three executors - Harvey, Troy and Ambrose, three of King’s other sons - that the Certificate of Title was obtained via fraud.
Legal Notice
FROM PAGE B1
NOTICE
PAGE 10, Thursday, September 15, 2022 THE TRIBUNE
NOTICE is hereby given that MARCIA FERGUSON of P. O. Box N-155, #760 East Street south, 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 twentyeight days from the 15th day of September, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
“We’re fighting over cays worth quite a few million dollars,” he added. “We’re fighting over very expen sive real property here. That’s a factor that will come into consideration. It’s extremely valuable, extremely valuable.”
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sum on the transactions, and that Mr Tilton’s foreign beneficial ownership of the purchasing companies was concealed.Bothallegations were rejected by Mr Allen, who also denied any involve ment in or knowledge of a fraud. “It’s them trying to push me in there as a con tributor to fraud,” he told Tribune Business of the executors. “We deny it was fraudulent, and I was not a defendant in the action. We disagree with the finding of fraud profusely.”
Ex-minister’s son denies land fraud
The Act only protected “bona fide purchasers for value without notice of fraud”, and the Chief Jus tice added: “Andrew Allen is a director and control ling mind of the purchasers. Allen is the attorney for the purchasers as well as for Gardie and Mr Burrows in the“Allentransaction.wasalso the coun sel, and therefore agent, for Gardie and Mr Bur rows in the preparation of the quieting action. In the circumstances, given the relationships, I am satis fied that such knowledge of the fraud as Gardie and Samuel may have possessed ought to be imputed to the pulousandthislotCharlesstealthewhokeeptoislandscountrytheirs.landbytoetinghighlightedaddedExumatheirbattle”relievedtors,KC,purchasers.”GailLockhart-Charlesattorneyfortheexecusaidherclientswerethatthe“longhadendedwithownershipofthetwocaysconfirmed.ShethatthecaseagainhowtheQuiTitlesActwasopenabuseandexploitationpersonsseekingtoseizethatisnotrightfully“ItisverydifficultinamadeupofsomanyandcaysforownersmonitortheirlandanditsafefrompeopleareadeptinusingQuietingTitlesActtoland,”MrsLockhart-said.“Thereisaofmoneytobemadeinfraudulententerprise,noshortageofunscruindividualswillingto
The executors alleged that Mr Allen was instructed by Mr Tilton to help purchase the cays “for a substantial commer cial venture”, and it was he who brought the US inves tor together with Gardie and Mr Burrows. They also claimed Mr Tilton paid the legal costs associated with the original quieting action, which Mr Allen said was not unusual as overseas buyers typically financed the clearing-up of any title issues when Bahamian vendors “don’t have any money”.Lumber Cay and Jim Cay, despite allegedly being appraised for $20m and $9m respectively, were said by the executors to have been sold for $1m and $800,000. They claimed the sales prices were “a gross undervalue” to avoid paying the correct VAT
“As is typical in these cases, the fraudsters quickly sell the land on. So, in the present case, we not only had to get the Certificate of Title set aside for fraud, but we also had to get the subsequent conveyance set aside in order to return the land to the rightful owners. It was a long battle, but we are very pleased that there has been a just result.”
Craig Butler, the attorney who represented Gardie and Mr Burrows, as well as the purchasing companies, in the trial, said he felt his clients have good pros pects on which to appeal. “To say that I’m extremely disappointed would be an under-statement. To say I disagree with the judgment would also be an understatement,” he told Tribune Business.“Inlooking at it, I believe that there were so many aspects that dealt with pure law that the judge did not address. I have the utmost respect for our new chief justice, and normally from my perspective his judg ments are spot on, but on this one I feel there are so many areas of law that are not addressed in the judg ment, and I do feel they bring up an opportunity for appeal.”MrButler said his clients have 42 days, or six weeks, from the Supreme Court’s issuance of the judgment on September 12 in which to lodge an appeal. Another option, he added, would be to initiate the quieting titles process all over again.
after obtaining the nowoverturned Certificate of Title. Both entities were said to be controlled by Vir ginia-based investor, David Tilton, or his family trust.
Mr Allen added that his clients had been claiming a possessory title to the two cays, and not relying on King Nixon’s will and pur ported documentary title. “The focus was to simply show that the estate of King Nixon had no connection to the property,” he added.
The Chief Justice agreed, but Mr Allen, a prolific writer of letters to the printed media, responded: “That’s not true. We disa gree that that was fraud. We say our clients did not know about this will. I wouldn’t have known if these guys had been shown the will before the quieting action.....“Iwasthe attorney acting on their instructions. If they say he died intestate (with out leaving a will), he died intestate. We did searches and never found [evidence] of a will. It’s not open and shut that there was a will.
However, Chief Justice Winder ruled that Mr Tilton and the companies were “not bona fide purchasers for value” under the Quiet ing Titles Act. “This could not be said to have been an
“I am satisfied that Samuel and Gardie fraudu lently, knowingly and with intent to deceive made material false statements and/or representations, and/or suppressed, withheld or concealed from the court material documents, facts or matters of information to procure the Certificate of Title to the properties,” the Chief Justice concluded.
Chief Justice Winder found.
their claim, even if these are not necessarily in their favour. They must detail “all dealings with the prop erty which affect the title”, including rival claims to ownership and any person in possession of the subject property.Harvey, Troy and Ambrose argued that Gardie and Mr Burrows, their uncle, failed to dis close their and the estate’s rival ownership via the doc umentary title possessed by their late father and his will.
As a result, they asserted that their brother and uncle obtained the title certificate viaHowever,fraud.
They also asserted that they “made full disclosure” as required by the Quiet ing Titles Act and complied with the Supreme Court’s Orders, while again alleg ing that King never owned the cays and the executors lacked evidence to support their allegations besides the deed of Neitherconfirmation.MrGardie nor Mr Burrows gave evi dence at the trial, during which another brother, Wayde Nixon, who lives and works on Staniel Cay, gave testimony to support the executors despite being named as a defendant. And Chief Justice Winder ruled that he had “no hesitation” in finding for the executors, branding them as “truthful witnesses”.Headded that it was “false on all fronts” to allege that King died “intes tate” and left all his assets to Gardie, as Ambrose said he found his late father’s will in 2010 and gave a copy to his fellow siblings.
“In the affidavit, he admitted that he gave the testimony knowing that Samuel in fact lived on Great Guana Cay, the Exumas. At the trial he sought to recant the affi davit albeit admitting he made the affidavit of April 24, 2018.” He added that it was “indeed an incredible submission” for Gardie and Mr Burrows to claim their claim was possessory when the initial quieting action relied on the documentary title chain via King.
in their defence, Gardie, Mr Bur rows and Mr Tilton’s companies demanded “strict proof” that Samuel Davis, a late Barreterre res ident, and William ‘Bulla’ Davis had acquired both Lumber Cay and Jim Cay, thus giving them the right to sell it to King Nixon.
The Quieting Titles Act’s section five requires all per sons and companies seeking to obtain property title via this mechanism to make a full and frank disclosure of all material facts related to
And one witness was described as “wholly unre liable”, after swearing in an affidavit Gardie and Mr Burrows would buy him a boat and house if he gave evidence in their favour at the quieting hearing, only to later try and retract this.
FROM PAGE B1
THE TRIBUNE Thursday, September 15, 2022, PAGE 11
And Mr Burrows also “misled the court” by fail ing to disclose that it was Wayde Nixon who put him on Lumber Cay to be a caretaker. This defeated his claim to possessory title, especially as Darren Higgs, who testified in Gardie and Mr Burrows’ favour at the original quieting hearing, performed several u-turns that made his evidence “wholly“Subsequentunreliable”.tothe qui eting action, Darren Higgs recanted his evidence in an affidavit dated April 24, 2018, wherein he states that Gardie and Samuel offered to buy him a boat and a house if he testified that Samuel lived on Lumber Cay for the last 20 years,” the Chief Justice wrote.
These transactions, when discovered, triggered legal action by three of King Nixon’s other sons, Harvey, Troy and Ambrose, who were serving in the capacity of executors of their father’s estate. They asserted that a November 14, 1990, con veyance recorded in the Registry of Records proved King had documentary title giving him ownership of bothWhilecays.the grant of pro bate for their father’s estate remains pending, the exec utor trio effectively argued that the two islands are part of their father’s estate. And they alleged that Gardie, a 37-year veteran officer at Fox Hill prison, and Mr Burrows had abused the Quieting Titles Act by with holding from the Supreme Court their rival owner ship claim when the duo obtained their rival title certificate.“Theplaintiffs were not aware of the commence ment of the said action until around or about Decem ber 2017 or January 2018, and shortly thereafter were advised that a Certificate of Title had in fact been issued to the first and second defendants on on July 18, 2017,” the statement of claim filed on the three brothers’ behalf alleged.
Title Exumablocksfraud$29mdeal
“Whilst Gardie advised the court in the quieting action, at the prodding of the court, that he had siblings, he omitted to indicate that all of his siblings were claiming an interest in the property through a will of King,”
original title quieting action while also acting for Mr Tilton and his companies. Mr Allen was said to have been a president, director and shareholder of Archi pelago Development & Resorts III and Jim Cay Company, with Mr Tilton funding the quieting action (see story Page 1B).
The ownership dispute over the two Exuma cays has its roots in the estate of the late King Richard Nixon. The father of ten children, including Gardie as the eldest, he was said to have possessed valid docu mentary title ownership to both islands when he died on December 5, 2015, leav ing a last will and testament dated September 8, 1980.
This made all his children executors, but Gardie was passed over and removed from this role on November 15, 2018, via a probaterelated Supreme Court Order. However, prior to that, he teamed with Mr Burrows, King’s brotherin-law and uncle to all the children, to initiate a Quiet ing Titles action before the Supreme Court on August 23,The2016.duo claimed to be “the owners in fee simple possession” of both islands, swearing affidavits and giving evidence before the court to support their case. They also called Mr Higgs and A. Balder Campbell, a surveyor, as witnesses, and were successful in obtaining a certificate of title to both Lumber Cay and Jim Cay in their joint names on July 18,Less2017.than five months later, Lumber Cay was conveyed to Archipelago Development & Resorts III on December 1, 2017, for $1m. “Samuel and Gar die’s attorney, Andrew Allen, who acted for them on the quieting petition, is also a director of Archi pelago,” the Chief Justice wrote. “The conveyance to Archipelago was signed by Andrew Allen as president of JimArchipelago.”Cay,an eight-acre island situated north of Lansing Cay, between Musher and Hog Cay, was said to have been conveyed by the duo to Mr Tilton’s other company, Jim Cay Company, on October 15, 2017, for some $800,000.
NOTICE is hereby given that JASON JACQUES of Market Street 303, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of September, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
The Public is hereby advised that I, STEVEN GARLAND WHYMS of People’s Penny Savings Bank Lane off Wulff Road, New Providence, Bahamas, intend to change my name to STEVEN ROSE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE WEDNESDAY, 14 SEPTEMBER 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2616.92-0.32-0.01388.6817.44 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 7.005.30 AML Foods Limited AML 6.95 6.950.00 0.2390.17029.12.45% 53.0034.60 APD Limited APD 39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 2.612.20Bahamas First Holdings Limited BFH 2.46 2.460.00 0.1400.08017.63.25% 2.851.30Bank of Bahamas BOB 2.85 2.850.00 0.0700.000N/M0.00% 6.205.75Bahamas Property Fund BPF 6.20 6.200.00 1.7600.000N/M0.00% 10.058.78Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.152.82Cable Bahamas CAB 3.95 3.950.00 -0.4380.000-9.0 0.00% 10.655.99Commonwealth Brewery CBB 10.30 10.300.00 0.1400.00073.60.00% 3.652.27Commonwealth Bank CBL 3.50 3.500.00 1000.1840.12019.03.43% 8.255.29Colina Holdings CHL 8.23 8.230.00 0.4490.22018.32.67% 17.5010.25CIBC FirstCaribbean Bank CIB 16.00 16.000.00 0.7220.72022.24.50% 3.251.99Consolidated Water BDRs CWCB 3.95 3.58 (0.37) 0.1020.43435.112.12% 11.288.50Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.52 11.540.02 0.6460.32817.92.84% 10.8510.00Famguard FAM 10.85 10.850.00 0.7280.24014.92.21% 18.3014.05Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% 4.003.50Focol FCL 3.85 3.850.00 0.2030.12019.03.12% 11.008.20Finco FIN 11.00 11.000.00 0.9390.20011.71.82% 16.5015.50J. S. Johnson JSJ 15.50 15.500.00 0.6310.61024.63.94% PREFERENCE SHARES 1.001.00Bahamas First Holdings PreferenceBFHP 1.00 1.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 6 CAB6 1000.001000.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 9 CAB9 1000.001000.000.00 0.0000.0000.0000.00% 1.001.00Colina Holdings Class A CHLA 1.00 1.000.00 0.0000.0000.0006.25% 10.0010.00Fidelity Bank Bahamas Class A FBBA 10.0010.000.00 0.0000.0000.0007.00% 1.001.00Focol Class B FCLB 1.00 1.000.00 0.0000.0000.0006.50% CORPORATE DEBT - (percentage pricing) 52WK HI52WK LOWSECURITY SYMBOLLAST SALECLOSECHANGEVOLUME 100.00100.00Fidelity Bank (Note 22 Series B+)FBB22 100.00100.000.00 100.00100.00Bahamas First Holdings LimitedBFHB 100.00100.000.00 BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92104.79Bahamas Note 6.95 (2029) BAH29 107.31107.310.00 100.00100.00BGS: 2014-12-7Y BG0107 100.00100.000.00 100.00100.00BGS: 2015-1-7Y BG0207 100.00100.000.00 100.00100.00BGS: 2014-12-30Y BG0130 100.00100.000.00 100.00100.00BGS: 2015-1-30Y BG0230 100.00100.000.00 100.00100.00BGS: 2015-6-7Y BG0307 100.00100.000.00 100.00100.00BGS: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 101.82101.46BGRS FX BGR104024 BSBGR1040249101.82101.46 (0.36) 4,820 92.5591.76BGRS FX BGR131239 BSBGR131239092.5592.550.00 400 94.0993.36BGRS FX BGR132139 BSBGR132139193.3693.360.00 280 100.6699.98BGRS FL BGRS71023 BSBGRS710237100.57100.570.00 49 100.57100.11BGRS FL BGRS95032 BSBGRS950320100.45100.450.00 2 100.5299.96BGRS FL BGRS97033 BSBGRS970336100.52100.19 (0.33) 14,356 100.0089.62BGRS FX BGR129249 BSBGR129249389.6289.620.00 100.0089.00BGRS FX BGR131249 BSBGR1312499100.00100.000.00 100.9890.24BGRS FX BGR132249 BSBGR1322498100.00100.000.00 100.0090.73BGRS FX BGR136150 BSBGR1361504100.00100.000.00 MUTUAL FUNDS 52WK HI52WK LOW NAV YTD%12 MTH% 2.552.11 2.552.24%4.01% 4.833.30 4.833.42%7.26% 2.241.68 2.241.70%2.82% 207.86164.74 197.44-2.97%-2.35% 212.41116.70 202.39-4.72%6.04% 1.741.69 1.741.37%3.03% 1.841.75 1.841.19%5.23% 1.831.76 1.831.62%4.13% 1.030.97 0.97-5.25%-6.07% 9.376.41 9.37-0.02%10.36% 11.837.62 11.79-0.33%18.23% 7.545.66 7.540.22%3.05% 16.648.65 15.94-3.89%14.76% 12.8410.54 12.47-1.04%-2.57% 10.779.57 10.740.81%4.20% 10.009.88 N/AN/AN/A 10.438.45 10.433.00%25.60% 14.8911.20 14.897.90%48.70% MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333 5.55%4.31%5.29%5.14% 15-Apr-204917-Apr-203315-Oct-203915-Jul-20394.31%4.53% 25-Sep-203222-Oct-2023 6.25% 31-Mar-202230-Sep-2025FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund 4.25%6.25%4.50%6.25% NAV Date 4.25%5.69%5.65% 31-May-202231-May-202231-Jan-202231-Jan-202231-Jan-202231-Jan-202231-May-202231-Jan-202231-Jan-202231-Mar-202115-Oct-204915-Jan-202421-Apr-205029-Jul-202215-Oct-202226-Jun-204526-Jun-202230-Jul-204515-Dec-204430-Jul-202215-Dec-2021 INTEREST Prime + 1.75% MARKET REPORT 31-Mar-202131-Mar-2021 MATURITY 31-Jul-202231-Jul-202220-Nov-202919-Oct-20224.50%6.95% 31-May-202231-Mar-2022 5.60%6.25%4.50% 15-Jul-2049 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund (242)323 2330 (242) 323 2320 www.bisxbahamas.com
INTENT TO CHANGE NAME BY DEED POLL
PAGE 12, Thursday, September 15, 2022 THE TRIBUNE
NOTICE is hereby given that RICO GUSTAVE of #2 Golden Gates, 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 15th day of September, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO73°F/23° C High: 88° F/31° C Low:TAMPA76°F/24° C High: 87° F/31° C WEST PALM BEACH Low: 76° F/24° C High: 86° F/30° C FT.High:Low:LAUDERDALE79°F/26°C87°F/31°C KEY WEST Low: 81° F/27° C High: 88° F/31° C Low: 79° F/26° C High: 89° F/32° C Low:ABACO80°F/27° C High: 87° F/31° C High:Low:ELEUTHERA79°F/26°C89°F/32°C RAGGED ISLAND Low: 79° F/26° C High: 89° F/32° C GREAT EXUMA Low: 81° F/27° C High: 89° F/32° C CAT ISLAND Low: 78° F/26° C High: 90° F/32° C SANHigh:Low:SALVADOR78°F/26°C90°F/32°C CROOKED ISLAND / ACKLINS Low: 79° F/26° C High: 89° F/32° C LONG ISLAND Low: 79° F/26° C High: 90° F/32° C MAYAGUANALow:81°F/27°CHigh:90°F/32°C GREAT INAGUA Low: 80° F/27° C High: 90° F/32° C Low:ANDROS79°F/26° C High: 90° F/32° C Low: 77° F/25° C High: 87° F/31° C FREEPORT NASSAULow: 78° F/26° C High: 88° F/31° C MIAMI THE WEATHER REPORT 5-Day Forecast Variable clouds with a thunderstorm High: 89° AccuWeather RealFeel 99° F The exclusive AccuWeather RealFeel Temperature is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day. A thunderstorm in spots late Low: 79° AccuWeather RealFeel 86° F Partly sunny, a t‑storm in the p.m. High: 90° AccuWeather RealFeel Low: 78° 101°-86° F Clouds and sun with a thunderstorm High: 89° AccuWeather RealFeel Low: 79° 98°-84° F A t‑storm in spots in the afternoon High: 90° AccuWeather RealFeel Low: 78° 101°-83° F Cloudy with a derstormthun High: 87° AccuWeather95°-84°RealFeelF Low: 77° TODAY TONIGHT FRIDAY SATURDAY SUNDAY MONDAY almanac High 88° F/31° C Low 75° F/24° C Normal high 88° F/31° C Normal low 75° F/24° C Last year’s high 89° F/32° C Last year’s low 70° F/21° C As of 2 p.m. yesterday 0.66” Year to date 41.84” Normal year to date 26.90” Statistics are for Nassau through 2 p.m. yesterday PrecipitationTemperature sun anD moon tiDes For nassau Sep.Last17 Sep.New25 Oct.First2 Oct.Full9 Sunrise 6:56 a.m. Sunset 7:14 p.m. Moonrise 10:49 p.m. Moonset 11:52 a.m. SundaySaturdayFridayToday High Ht.(ft.) Low Ht.(ft.) 12:13
3.2
The benchmark index was coming off its biggest drop since June 2020, which ended a four-day winning streak.The Dow Jones Indus trial Average closed 0.1% higher, while the Nasdaq composite rose 0.7%.
0.6 ‑‑‑‑‑ ‑‑‑‑‑
2.6
Photo:Julia Nikhinson/AP p.m. 5:53 a.m. 6:39 p.m. 0.9 12:29 a.m. 6:38 a.m. p.m. 3.0 7:33 p.m. 1.2 1:21 a.m. 2.4 7:28 a.m. 1.1 1:58 p.m. 2.9 8:32 p.m. 1.4 2:18 a.m. 2.3 8:24 a.m. 1.2 2:58 p.m. 2.8 9:34 p.m. 1.4 3:20 a.m. 2.3 9:25 a.m. 1.3 3:58 p.m. 2.8 10:34 p.m. 1.4 4:21 a.m. 2.3 10:25 a.m. 1.3 4:54 p.m. 2.9 11:26 p.m. 1.3 5:15 a.m. 2.5 11:20 a.m. 1.1 5:43 p.m. 3.0 ‑‑‑‑‑
PAGE 14, Thursday, September 15, 2022 THE TRIBUNE
0.9 1:03
WednesdayTuesdayMonday
By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
Traders now see a onein-four chance the Fed may hike its benchmark rate by a full percentage point next week, quadruple the usual move, according to CME Group. A day earlier, it was closer to a one-in-three
STOCKS MANAGE TO POST MODEST GAINS AFTER A WOBBLY DAY
it soared on expectations for more aggressive interest rate hikes by the Federal Reserve.Theyield on the 10-year Treasury, which helps dic tate where mortgages and rates for other loans are heading, held steady at 3.41%.Areport on inflation at the wholesale level showed prices are still rising rap idly, with pressures building underneath the surface,
The central bank has already raised its bench mark interest rate four times this year, with the last two increases by threequarters of a percentage point. The Fed is taking the aggressive action on interest rates to try and cool the hottest inflation in four decades. Tuesday’s report on high prices jolted the market with signs that inflation is entering a more stubborn phase that could require an already reso lute Fed to become more aggressive.WallStreet is especially worried that the rate hikes could go too far in slow ing the economy and send it into a recession. The Fed is trying to avoid that outcome, but the latest inflation reports reveal that is becoming a more difficult task.All told, the S&P 500 rose 13.32 points to 3,946.01, while the Dow added 30.12 points to 31,135.09. The Nasdaq gained 86.10 points to 11,719.68, and the Rus sell 2000 picked up 6.89 points to close at 1,838.46.
The railroads have already started to curtail shipments of haz ardous materials and have announced plans to stop hauling refrigerated prod ucts ahead of Friday’s strike deadline.
Smaller company stocks also rose, pushing the Rus sell 2000 to a 0.4% gain.
Still, the overall decline in inflation at the wholesale level helped assuage fears in the market that inflation at all levels is intensifying, said Quincy Krosby, chief equity strategist for LPL Financial.
Bond yields remained relatively stable after leap ing higher on Tuesday. The yield on the two-year Treas ury rose to 3.79% from 3.75% late Tuesday, when
‑‑‑‑‑ marine Forecast WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: S at 6 12 Knots 2 4 Feet 6 Miles 84° F Friday: SE at 6 12 Knots 1 3 Feet 7 Miles 84° F ANDROS Today: SE at 4 8 Knots 0 1 Feet 6 Miles 85° F Friday: E at 6 12 Knots 0 1 Feet 7 Miles 85° F CAT ISLAND Today: SE at 7 14 Knots 2 4 Feet 6 Miles 85° F Friday: E at 7 14 Knots 2 4 Feet 7 Miles 85° F CROOKED ISLAND Today: ESE at 10 20 Knots 3 5 Feet 10 Miles 84° F Friday: E at 10 20 Knots 3 5 Feet 10 Miles 84° F ELEUTHERA Today: SSE at 7 14 Knots 3 5 Feet 7 Miles 84° F Friday: ESE at 7 14 Knots 2 4 Feet 7 Miles 85° F FREEPORT Today: W at 6 12 Knots 1 2 Feet 7 Miles 84° F Friday: SE at 4 8 Knots 1 2 Feet 8 Miles 83° F GREAT EXUMA Today: SE at 7 14 Knots 0 1 Feet 7 Miles 85° F Friday: ESE at 8 16 Knots 1 2 Feet 10 Miles 85° F GREAT INAGUA Today: E at 8 16 Knots 2 4 Feet 10 Miles 85° F Friday: E at 10 20 Knots 2 4 Feet 6 Miles 84° F LONG ISLAND Today: ESE at 8 16 Knots 2 4 Feet 10 Miles 85° F Friday: E at 8 16 Knots 2 4 Feet 10 Miles 85° F MAYAGUANA Today: ESE at 8 16 Knots 3 6 Feet 10 Miles 84° F Friday: E at 8 16 Knots 3 6 Feet 10 Miles 84° F NASSAU Today: SSE at 6 12 Knots 1 2 Feet 7 Miles 84° F Friday: ESE at 6 12 Knots 1 2 Feet 6 Miles 85° F RAGGED ISLAND Today: SE at 8 16 Knots 2 4 Feet 10 Miles 85° F Friday: E at 8 16 Knots 2 4 Feet 6 Miles 85° F SAN SALVADOR Today: SE at 7 14 Knots 1 2 Feet 10 Miles 85° F Friday: ESE at 7 14 Knots 1 3 Feet 7 Miles 85° F uV inDex toDay The higher the AccuWeather UV Index number, the greater the need for eye and skin protection. Forecasts and graphics provided by AccuWeather, Inc. ©2022 H L tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. NS EW S 4 8 knots NS EW 6 12 knots NSW E 6 12 knots NS EW S 7 14 knots NS EW S 7 14 knots NSW E 8 16 knots NS EW S 8 16 knots NS EW S 4 8 knots | Go to AccuWeather.com
“The market would have probably had another round of selling had the headline number been higher,” Krosby said. “The fact that it dipped a bit was helpful for today’s market.”
Energy stocks had some of the biggest gains as U.S.
TRADERS work on the floor of the New York Stock Exchange on Tuesday, Sept. 13, 2022. The stock market fell the most since June 2020, with the Dow loosing more than 1,250 points.
even if overall inflation slowed. It echoed a report on inflation at the consumer level Tuesday, which raised expectations for interestrate hikes and triggered a rout for markets.
“Today you have some investors coming off the sidelines, coming back into the market because there’s this feeling that the sell-off was a big one, there was a recalibration there, there was a little bit of panic selling there,” said Sylvia Jablonski, chief investment officer at Defiance ETFs.
The wobbly trading came as investors weighed another snapshot of infla tion. Markets have been on edge about the possibility of a recession after a string of interest rate hikes by the Federal Reserve this year as the central bank fights inflation.TheS&P 500 rose 0.3% after wavering between small gains and losses much of the afternoon.
STOCKS on Wall Street shook off an afternoon slide and finished modestly higher Wednesday, clawing back some of their losses a day after the market’s worst skid in two years.
chance. The site puts the probability of a threequarter percentage point increase now at 76%, up from 69% on Tuesday.
crude oil prices rose 1.3%. Exxon Mobil rose 2.5%.
The broader U.S. econ omy has been slowing, but consumers have remained resilient and the job market remains strong. Wall Street will get another update on inflation’s latest impact on spending when the gov ernment releases its retail sales report for August on Thursday.Themarket is also moni toring U.S.-China tensions and war in Ukraine, while business and government officials are bracing for the possibility of a nationwide rail strike at the end of this week that could paralyze an already discombobulated supply chain.