11092021 BUSINESS by tribune242

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TUESDAY, NOVEMBER 9, 2021

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‘No signs of slowing’: Realtor in 75% jump

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN real estate firm yesterday said it is aiming to “hold” the gains realised from this year’s 75 percent sales volume increase in a market that “shows no signs of slowing”. Michelle Martinborough, Bahamas Realty’s head of operations, told Tribune Business the company is seeking to replicate this year’s “phenomenal” performance in 2022 amid expectations that international buyer demand will hold-up for “at least another year”. And, with much market activity centred on western New Providence, she revealed that the company will open an office in the Caves Shopping Centre early in the New Year so it can better cater to clients in that area. “We’re just closing off our numbers for this year, but it

• Bahamas Realty hails ‘phenomenal’ year • Aiming to match sales volumes in 2022 • To open western NP office in New Year looks like we’re closing off 75 percent ahead of last year, which is phenomenal,” Ms Martinborough told this newspaper. “We don’t anticipate any slowing down with Canada only opening back up now. “We’re expecting an influx of those buyers, and are really excited to see what is coming up this winter season. The US is now opening across the board,

Governance reformers seek ‘proof in pudding’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday said “the proof of the pudding will be in the eating” over the Davis administration’s pledges to enact anti-corruption and campaign finance reforms. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that while it was “great to hear” such promises so early in the new administration’s tenure more needed

to be done to foster confidence that these changes will actually happen. Pointing out that such reforms, along with full MATT AUBRY implementation of the long-awaited Freedom of Information Act, never occurred under the two previous administrations despite similar

promises being made, he added that more details and enactment timelines were required on all proposed governance-related reforms. Mr Aubry spoke out after Michael Halkitis, minister of economic affairs, launched the Senate’s Speech from the Throne debate by affirming that the Public Disclosures Act will be reformed to include unspecified campaign finance reforms. “We will make amendments to the Public Disclosure Act to include campaign finance reform, with prosecution of those who run afoul of

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Car rentals: Rogue operators fact of life

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and a lot of our clientele from abroad come through the US, so that will only increase activity for us in The Bahamas. We’re very excited about what is on the horizon and are gearing up for a busy season.” Bahamas Realty’s 75 percent year-over-year sales volume increase will have been achieved against comparisons with a

MICHAEL Halkitis - Minister of Economic Affairs.

Minister says Bahamians ‘alarmed’ by $10bn debt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday conceded that Bahamians are becoming increasingly “alarmed” over the $10bnm-plus national debt and “systematic” action is needed to address it. Michael Halkitis, minister of economic affairs, told the Senate in leading-off debate on the Speech from the Throne that the newly-elected Davis administration is “setting the foundation for sweeping fiscal reform”. Placing much emphasis on committees, namely the newly-established Debt Advisory Committee and Revenue Policy Committee, he indicated plans to change the fiscal culture within government while acknowledging growing concern that the weak public finances could drag down the wider economy and entire country if not addressed. “Many Bahamians are alarmed by the level of our national debt,” Mr Halkitis said. “It’s something that must be addressed in a systematic manner and we are going about that.” Tribune Business revealed earlier this year that the $10.356bn national debt at end-June 2021 was larger than the size of the Bahamian economy, producing a 100.4 percent debt-to-GDP ratio. And, following fiscal deficits of $799m and $1.348bn in the 2019-2020 and

2020-2021 Budget years respectively, this year’s revised supplemental Budget is still forecasting an $859m deficit for 2021-2022 - meaning that more than $3bn will have been borrowed and added to the national debt in just three years. The Davis administration’s revised deficit represents a near 10 percent reduction on the $951.8m forecast by its predecessor, with the cut almost entirely due to 2021-2022 first quarter revenues exceeding projections by just over $90m. Deficits of $351m and $148.7m are forecast over the next two Budget years, taking the national debt to $11.293bn by mid-June 2024. Meanwhile, promising to continue the former administration’s public procurement reforms, Mr Halkitis said: “Under this administration, procurement policies will be more transparent and more efficient, ensuring that all government engagements and purchases are done in accordance with the highest standards. “This may not be the highest profile or exciting policy issue, but it is very important that we end inconsistent, discretionary procurement procedures. To complement these reforms, we will also bring greater transparency to public financial management so that it is clear who is receiving government funds, and

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BTC ‘shut down’ warning on mandatory vaccination • Union’s job fears over compulsory COVID inoculation • Carrier’s parent: ‘We will never break Bahamian law’ • Timing not decided; March eyed for BTC office return By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CAR rental companies say unlicensed operators are a fact of life, adding that a greater competitive problem is posed by hotels packaging vehicles and rooms with no permission to do so. Manera Rolle, owner/ operator of Willow’s Wheelz, told Tribune Business that operators are a sign of the times and what Bahamians have been forced into to survive amid the COVID-19 pandemic. She said: “For example, you have minimum wage at $210 per week, and in order for people to have some funds they have to rent out their cars. In addition to that they are not giving people their business license for the rental car business, and I think this is what is causing them to resort to renting out their cars without the proper licensing. To be honest with you, that is how I started.” A seven-plus year veteran in the car rental business, Ms Rolle recalled a monopoly on self-drive plates among just a few rental companies and, to get into the business, she had to do it on her own. She spoke out after Chester Cooper, deputy prime minister, in addressing last week’s Exuma Business Outlook pledged to crack down on “unfair” competition provided by unlicensed car and boat rental businesses that he indicated were operated by foreigners. Promising to clean-up those sectors as part of a drive to ensure all taxpayers “render unto Caesar what is due to Caesar”, he added:

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THE Bahamas Telecommunications Company’s (BTC) line staff union yesterday warned it will “shut the company down” if its parent continues to push a mandatory COVID-19 vaccination policy. Sherry Benjamin, the Bahamas Communications and Public Officers Union’s president, told Tribune Business that “we’re not going to allow any company to come in here and force Bahamians to do something against their will” after Cable & Wireless Communications, BTC’s immediate controlling owner, unveiled its “vaccine mandate for all employees.

Confirming her belief that permanent, contract and temporary could all be looking for new jobs if they are not vaccinated by New Year’s Day 2022, she added that the union was pinning its hopes on intervention by the Prime Minister and the newly-elected Davis administration. Philip Davis QC met Inge Smidts, CWC’s chief executive, and the BTC parent’s leadership team yesterday to discuss their plans for moving the Bahamian carrier forward, but this newspaper was told that the mandatory vaccination issue did not come up as a talking point. Clint Watson, the Prime Minister’s press secretary, last night described it as

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AG PLEDGES TO ‘ENFORCE’ INVESTOR COMMITMENTS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Attorney General yesterday pledged to “enforce” Heads of Agreement commitments requiring foreign investors to use Bahamian products, professionals and artisans for their projects. Ryan Pinder, speaking during the Senate debate on the Speech from the Throne, reiterated many of the policy and legislative pledges announced by the Governor-General in setting out the newly-elected Davis administration’s agenda. Promising to amend the Hotels Encouragement Act to provide greater incentives for Bahamian-owned and joint venture properties, such as boutique hotels and other tourism offerings, he added that future investment deals with foreign developers and

resorts will seek to foster increased local input and involvement. This policy thrust, Mr Pinder said, would benefit the creative industries, agribusiness and consumables industries, with the Government moving to “ensure that such provisions are complied with”. “We will not only negotiate these provisions but, unlike prior governments, we will ensure they are enforced for the greater good of Bahamians,” he added. In reality, this initiative continues what was begun under the former Minnis administration, which had moved to secure a commitment from hotels that 40 percent of their food needs be sourced locally. Turning to financial services, Mr Pinder criticised the previous administration of failing to pursue a “parallel track” where The Bahamas was both compliant with international best practices and regulatory

RYAN PINDER standards and developing new products and services to grow the sector. “Shortly after coming to office we submitted an update to the European Union on our progress on enforcement actions and our regulatory framework in order to pursue the removal of The Bahamas from all of the EU lists,” Mr Pinder said, referring to this nation’s continued presence on the 27-nation

bloc’s anti-money laundering blacklist. “It is also important to note that as we continue to act to be compliant with the international regulatory framework in financial services, we must remain innovative and progressive in our offering...... This will require legislating new product offerings, facilitating the ease of doing business and commercial transactions, working closely with other agencies of the Government in order to ensure that we are viewed as a jurisdiction that people want to live, and do business,” he added. “This parallel track of lifting up our financial services industry was missing in the last administration. It will be front and centre in this administration. We can be compliant with international best practices and innovate to give our industry a foothold for continued grow.”

Again, the Minnis administration did pass the DARE (Digital Assets and Registered Exchanges) Act through Parliament during its term in office to enable The Bahamas to participate in the blockchain/crypto currency space in a regulated manner. Mr Pinder, meanwhile, said: “As part of our small business legislative agenda, we have already discussed with The Bahamas Chamber of Commerce and Employers Confederation the drafting of legislation to create tax incentives for small and medium-sized enterprises owned by Bahamians in order to ensure that there is a pathway for growth. “We are not only committed to a legislative agenda that enhances opportunities for Bahamian businesses within the current economic framework, but we are also committed to legislative initiatives that promote new industries and

THE ‘THIRD LINE’ OF CORPORATE DEFENCE By ANISHKA COLLIE Chief executive and principal consultant ATC Financial Advisors & Consultants AS defined by the Committee of Sponsoring Organisations of the Treadway Commission (COSO) in 2004, enterprise risk management (ERM) is a process effected by an entity’s board of directors, management and other personnel. It

is applied in a strategy setting across the company, and is designed to identify potential events that may affect the business and manage risk such that it falls within its risk appetite. ERM is based on the premise that every company exists to provide value for its stakeholders. As such, in 2017, COSO updated its definition of ERM to include the culture, capabilities and practices that are integrated

with strategy setting and performance. Companies rely on these to manage risk in creating, preserving and realising value. In relation to Enterprise Risk Management (ERM), internal audit is known as the third line “of defense or accountability”. * Management - The first line is operational managers (risk owners) who own and manage risks day-to-day. They are also responsible

for implementing corrective actions to address process and control deficiencies. * Risk Management/ compliance - The second line is management, which establishes various risk management and compliance oversight functions to help build and/or monitor the controls implemented by the first line. * Internal Audit - The third line is internal audit (the highest level of independence and objectivity within the company), which audits (or reviews) ERM. Internal audit provides the board and senior management with assurance on the effectiveness of governance, risk management and internal controls, including the manner in which the first and second lines achieve risk management and control objectives.

This assurance by internal audit includes assessing the following: * Whether the company’s objectives support its mission * Whether significant risks are identified and analysed * How risk appetite and risks responses (accept, reduce, share, avoid, pursue) are determined * Whether risk information (financial, operational, compliance etc.) is captured and communicated in a timely manner throughout the company * The potential for fraud, and how the company manages fraud risk The fourth line is external audit, regulators and other outside bodies that can be considered as additional lines “of defense or accountability”. This line provides assurance to the company’s shareholders, the Board and senior management.

an enhanced framework for the management and exploitation of government assets, including current government stock holdings and the management of natural resources for the benefit to Bahamians.” This includes a regulatory framework for the legalisation of “growing, harvesting, production and export of cannabis” and its bi-products along with providing for a “regulatory framework for industrial hemp”. This, too, was contemplated by the former administration, yet it again failed to move forward and enact the necessary legislation. Mr Pinder added: “We will enact Sovereign Wealth Fund legislation where the economic development and use of natural resources results in revenue that is, in turn, used for the long-term growth and benefit of generations of Bahamians.” Regulators sometimes set requirements intended to strengthen the controls in a company and, on other occasions, perform independent and objective assessments of the first, second and third lines in relation to those requirements. The Board is considered by some as the fifth line. They have an oversight function in ERM to determine that risk management processes are in place, and are both adequate and effective. The familiar Three Lines of Defense Model (IIA 2013) was updated to the Three Lines Model (IIA 2020) to clarify and strengthen the underlying principles, widen the scope, and explain how key corporate roles work together to facilitate good corporate governance and risk management. Management has responsibility for risk management and, within management, the chief executive has ultimate responsibility for risk management and the achievement of strategy and business objectives.

DPM MEETS ICAO EXAMINATION TEAM

CHESTER COOPER, deputy prime minister and minister of tourism, investments and aviation, met with the International Civil Aviation Organisation (ICAO) audit team at his ministry’s offices on November 2, 2021. Also at the meeting was Civil Aviation Authority Bahamas (CAAB) director, Alexander Ferguson (second left). Photos:Kemuel Stubbs/BIS

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Tuesday, November 9, 2021, PAGE 3

BUS DRIVERS: ‘DON’T LEAVE US HANGING’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

to stop running because they couldn’t afford the insurance or to license their vehicle. Some bus drivers have been hit really hard; some of them were sleeping in their busses,” he said. He spoke out after the Health Services (COVID19) (General) Rules, tabled in the House of Assembly, continued the restrictions first imposed by the Minnis administration’s emergency orders. Section 8 (4) states: “A taxi, private or public bus service shall operate provided such service is operated at 50 percent of normal seating capacity of the taxi or bus.” Mr Moxey argued that continuing to cap jitney occupancy at 50 percent will only push the industry to the brink of collapse, as many franchise holders are

barely holding on financially. He predicted that more busses will cease operating their routes by year-end if those restrictions are not reversed soon. “We have to pay for hand sanitizer, and other PPE’s (personal protective equipment) for our drivers and our passengers, and we have to sit and take a 50 percent pay cut,” Mr Moxey said. “This cannot continue like this. What if they [ministers] were working for 50 percent of their salary for a year? Would they like that?” he asked. “To continue to follow the protocol is also an expense to us. It’s a decrease in revenue. This is another blow to our industry. We hope that the Government would be willing to give us a bus fare increase or offer a subsidy

ACCOUNTANTS TOLD PEER OVERSIGHT ‘HERE TO STAY’

have reported on the annual declarations that they were performing audits, and when selected for practice monitoring are then telling us that they are no longer performing audit services.” While “circumstances can change over time”, Mr Lewis warned: “The frequency with which this pattern of behaviour occurs is, in fact, troubling. Our profession is built on a bedrock of trust and integrity. “We will be pursuing a path to provide greater visibility of our licensees and their services to the public. If we identify that information being provided to the Institute is intentionally incorrect, then it may subject the member to a disciplinary process.” Mr Lewis also offered BICA’s services to the Government to help it address financial management issues, which was something his predecessor did after Hurricane Dorian in 2019. He also encouraged accounting professionals not to settle for providing information to clients in “hindsight”, but instead to “provide greater insight” as well as “provide better foresight” into what accountants may expect in the future.

JITNEY drivers yesterday urged the Government to either approve a passenger fare increase or subsidise the sector given that they are still restricted to 50 percent seating capacity. Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business he was “disappointed” that the new COVID-19 health regulations limit public buses to just half of their full capacity indefinitely, adding: “How could they do such a thing?” “Many busses are already off the road now. They had

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PRACTICE monitoring for public accountants is “here to stay”, the Bahamas Institute of Chartered Accountants (BICA) president said yesterday. Lawrence Lewis, speaking during the annual Accountants Week seminars, said: “For our members in public practice, practice monitoring is here to stay. This form is a critical element of how we demonstrate our commitment to quality as a professional body, and supports us all in protecting and enhancing the public’s trust.” Acknowledging that few accountants enjoy practice monitoring, which involves their peers assessing their conduct and work quality as a form of self-regulation, Mr Lewis asserted that this was the only way to keep the

profession’s integrity intact. He said practice monitoring serves as an “invaluable tool” to help all industry professionals get better. The BICA chief added: “I have been through a couple of rounds of practice monitoring, and I can tell you that the value that our firm has gotten out of it is directly correlated to our willingness to engage in the process and embrace some of the interactions and the commentary that has come up.” Audit firms that opt to work for public interest entities can look forward to more practice monitoring as the standard in The Bahamas moving forward. “If you have a less than favourable outcome on your last practice monitoring visit, you will be again selected in a much shorter time period,” Mr Lewis added. “But I will say that one of BICA’s primary roles in its regulatory mandate is defending the public trust. We have had instances where licensees

for public transportation, otherwise our business will collapse - and we are just on the verge of collapse now.” Pledging to investigate how long the 50 percent occupancy cap will remain in place, Mr Moxey said he will reach out to the Road Traffic Department as well as the minister of transport to ascertain the rationale

for maintaining the restriction. “You can’t just leave us hanging out there like that. We can’t take it any longer. It’s crucial to our survival that either we get the capacity increase or we get some subsidy or we get the increase in bus fares. It can’t just be nothing,” he added.

The idea of a bus fare increase is nothing new. a new call. Mr Moxey, on the UPTC’s behalf, last year lobbied for a 60 percent increase in adult fares to $2 to compensate for the 50 percent reduction in passenger loads. The former Free National Movement (FNM) administration chose not to grant the request.

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MINISTER SAYS BAHAMIANS ‘ALARMED’ BY $10BN DEBT FROM PAGE ONE

that the Government is getting value for money.” Promising that the Davis administration will think big, Mr Halkitis added: “This administration is not interested in doing business as usual. We are not interested in small, incremental changes. Our transformative agenda is primed to bring broad, sweeping changes to every area of our society - starting with the Government itself. “If the past few years have taught us anything, it

is that we cannot continue to be passive about our national development. To proceed with the economic and revenue models of the past would be a mistake. What we need more than ever are big, paradigmshifting ideas. “For our administration, this means delivering a more diverse economy through investments in technology, renewable energy, sustainable tourism, and the green, blue, and orange economies.” Some observers may argue that no “big,

paradigm-shifting ideas” have been unveiled yet, but Mr Halkitis pledged to ensure Bahamian investors are placed on an equal footing with their foreign counterparts. “There is a long-standing perception that The Bahamas rolls out the red carpet for foreign direct investors while we leave domestic investors to fend for themselves,” he added, repeating what has been acknowledged by all previous administrations. “We will put policies in place to change that

perception. Bahamians on every island must have access to the same kinds of funding opportunities, land grants, tax inducements, concessions and incentives that foreign direct investors have access to.” Turning to the Government’s digitisation initiatives, Mr Halkitis said: “We recognise that it is time we push government processes into the 21st century. We all know the key role that digitsation will play in speeding up processes and improving ease of doing

business when it comes to government services. “For the public service we are exploring digital document management solutions to securely store and organise government files and automate organisational workflows. We will expand the public service’s digital capacity to further streamline government processes. “Let’s be clear, we are not only talking about replacing paper documents with digital documents or replacing in-person processes with digital processes. We are

talking about completely transforming the way government does business in every way conceivable. “We are talking about faster processing times, the use of data analytics and machine learning to inform smart policies, and enhanced access to e-services throughout The Bahamas. The Government will be investing a number of resources, including the existing $30M Inter-American Development Bank (IDB) loan, to see the digitisation process through to completion.”

BTC ‘SHUT DOWN’ WARNING ON MANDATORY VACCINATION FROM PAGE ONE

“an introductory meeting” where the CWC team gave a presentation on BTC’s current status “and the focus” for moving the legacy telecommunications provider forward. “The Prime Minister committed to getting the new names that will represent the Government on the Board by tomorrow,” he added, noting that further meetings between the two sides will be held. CWC and the Government have been partners in BTC since the 2011 privatisation, with the former holding Board and management control via a structure that gives it the dominant interest. BTC, responding to the union’s concerns in a statement issued last night in CWC’s name but on its own letter head, said that neither itself nor its parent would breach Bahamian law or government policy - a reference seemingly to the fact that COVID-19 vaccination is not mandatory in this nation. It added that the compulsory vaccination policy proposed by CWC had not yet been rolled out in The Bahamas, and said it was working towards BTC staff returning to the office by March 2022 - a date some two months later than that cited in a recent message to staff by chief executive Andre Foster. “Given the state of the pandemic, the company has taken the decision to mandate vaccination for our employees in a phased

approach over time. This decision was not taken lightly, but ultimately we believe we have a responsibility to our employees, our customers and the communities we serve,” the joint BTC/CWC statement said. “The timing for the vaccination mandate, and adoption of the hybrid working model, will be determined on a marketby-market basis considering factors such as country vaccination rates, employee vaccination rates, the availability of in-person schooling, and accessibility to public transportation, among other criteria.” The statement continued: “The mandate has not yet been rolled out in The Bahamas, and Cable & Wireless Communications would never contravene any local law or governmental policy. We are working towards having employees return to the office in March 2022 in a hybrid working model where those who have been working remotely will return to the office for a minimum of two days a week based on their roles and responsibilities. “We are, however, currently requiring that all contract workers and thirdparty vendors servicing our customers be fully vaccinated as a condition of a BTC contract effective January 1, 2022.” Mr Foster had previously said “BTC does not currently meet our company requirements for a vaccination mandate and the return to office will not

be until January 2022 at the earliest”. Ms Benjamin, though, said that when she met with Ms Smidts in mid-October she tried to obtain details about the vaccination policy being pursued by CWC and its owner, Liberty Latin America (LiLAC), and whether its mandatory nature would be limited to BTC contract workers and temporary staff. “She said no. She confirmed they were making it a company mandate, whether permanent or temporary, to be vaccinated,” the BCPOU chief recalled of the meeting. “She said they were not backing away from their decision.” Ms Benjamin said she informed the CWC chief executive that, should it make vaccination compulsory for full-time BTC staff, this would amount to a unilateral, arbitrary breach of both the BCPOU’s industrial agreement and the employment terms and conditions of all workers - a move that could potentially trigger trade disputes and legal action. “I told her if that was the road they are going to take, and try to force it on any members we have, an industrial agreement is in place and it doesn’t contain anything to do with this vaccination policy,” she told this newspaper. “And if they are going to try and do it, we would have to take action. “I expressed to her [Ms Smidts] that the first article in the industrial agreement

says the union is the sole bargaining agent. I let her know that if she tried to force this vaccination policy, non-vaccinated and vaccinated, we’re going to stand together and shut the business down.” Ms Smidts, in a recent CWC-wide memo that also went to BTC staff, confirmed: “We have taken a decision to introduce a vaccine mandate for all employees in conjunction with our phased Return to the Office approach. The mandate will be implemented on a marketby-market basis over time depending on our unique local conditions.” She added that CWC was targeting an 80 percent vaccination rate among its employees by end-2021, and said inoculation “is our best way out of the pandemic” based on advice received from medical and health professionals. The situation again highlights the clash between multinational company policies and The Bahamas’ own laws, together with the Government’s position that COVID-19 vaccination is not mandatory. This was previously exposed at Atlantis, when the resort required nonvaccinated workers to pay for their weekly COVID tests, as a compromise with its owner, Brookfield Asset Management’s, worldwide mandatory inoculation policy. However, nobody has come up with a better route for exiting the pandemic than vaccination.

Ms Benjamin, meanwhile, said the “is not anti-vaccination. We need to make that clear. We are anti-forced vaccination. We don’t want to force anybody to take the vaccine; it should be a personal choice”. She added that the union had successfully persuaded BTC and CWC to push back the original October 15 date for all contract and temporary workers to become vaccinated, and said: “At this point right now it’s in a waiting game. Right now we’re in a wait and see as to what happens on January 1.” Voicing hope that the Prime Minister would intervene, Ms Benjamin also expressed displeasure that, in a recent meeting to discuss the mandatory vaccination plan, a LiLAC legal adviser informed attendees that the communications giant would not be assuming financial or any other liabilities incurred by workers who had an adverse reaction to the vaccine. “They clearly said that, as of January 1, if you are not vaccinated you are going to be looking for employment somewhere else,” Ms Benjamin said. “We’re not going to stand for forced vaccinations. We’ll stand together and shut the company down if anyone is sent home because of their vaccine status. The staff are really up in arms, especially the contract workers.” Warning that there was “no skills bank for BTC to

dip into” if it released multiple contract workers for refusing to become vaccinated, the BCPOU chief added: “If the majority of them decide not to get vaccinated and are let go on January 1, the only thing BTC can do is bring in foreigners who do not know the network, and do not know the plant, to take over those positions. “We are definitely not going to be tolerating that. We’re going to stand with the contract workers, and stand with the temporary workers. We’re hoping the public will stand with us. We have to draw the line.” Disclosing that new BTC hires are required to be fully vaccinated to take the job, Ms Benjamin said: “I hope the public bears with us, but one way or another we will deal with this. We’re not going to allow any company to come in here and force Bahamians to do something and, at the end of the day, they pack up and leave.” She added that she planned to use her position as third vice-president of the National Congress of Trade Unions of The Bahamas (NCTUB) to galvanise support from the wider union movement, and said BTC’s Perpall Tract facilities were too small to accommodate returning staff in a manner that complies with COVID-19 health protocols.

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NOTICE PURSUANT TO SECTION 218(1)(e) COMPANIES ACT, 1992

Management Nominee Ltd. (the “Company”) (IN VOLUNTARY LIQUIDATION)

EBL Nominee Ltd. (the “Company”) (IN VOLUNTARY LIQUIDATION)

Directors Nominee Ltd. (the “Company”) (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that on October 12, 2021 the Company was placed into voluntary liquidation.

The Liquidator is Kim D. Thompson of Equity Trust House, Caves Village, West Bay Street, P.O. Box N-10697, Nassau, Bahamas and can be contacted on/via 242 676-8188; kthompson@equitybahamas.com

The Liquidator is Kim D. Thompson of Equity Trust House, Caves Village, West Bay Street, P.O. Box N-10697, Nassau, Bahamas and can be contacted on/via 242 676-8188; kthompson@ equitybahamas.com

Dated: November 4, 2021 Signed: Kim D. Thompson

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Tuesday, November 9, 2021, PAGE 5

Bahamas Waste stock buy back is extended BAHAMAS Waste has confirmed its Board of Directors approved a threeyear extension to its share buy back initiative until end-October 2024. The extension will allow the BISX-listed waste collection services provider to acquire up to 10 percent of its issued and outstanding ordinary shares, or up

to 396,525 shares, over a 36-month period. Peter Andrews, Bahamas Waste’s chairman, said the initiative was designed to increase shareholder value by acquiring outstanding ordinary shares as they came up for sale, thus improving earnings and dividends per share.

Share buy backs have been relatively common among BISX-listed companies. They are designed to support share prices, and create liquidity in a relatively illiquid Bahamian capital market by providing an avenue to ‘mop up’ or acquire stock from small retail investors desperate to exit at any price - something

GOVERNANCE REFORMERS SEEK ‘PROOF IN PUDDING’ FROM PAGE ONE the law. We know that it is not just important for the rule of law to be observed. There must also be the perception that the rule of law is observed,” Mr Halkitis said. “Many members of the public feel that the application of justice depends on the socio-economic background of the accused. Whether there is truth to this or not, it is problematic that members of our society feel this way. We are putting in place the framework to ensure that when those at the top break the rules, they are held accountable. “Our anti-corruption legislation will enforce higher standards of conduct for public officials. Senior officials will be called on to lead by example. This idea that there are different rules for the political class and the common man must be done away with.” Similarly, Ryan Pinder, the attorney general, said the Davis administration was “committed to the implementation of the Freedom of Information Act”. He added that the Government was seeking to relocate the Freedom of Information commissioner, retired Supreme Court justice Keith Thompson, from premises where it was impossible for him to fulfill his mandate. “As part of the implementation process, ten entities have been identified as part of the pilot programme of the rollout of freedom of information,” Mr Pinder said. “We are committed to implementing this example of transparency and good governance consistent with the charge given in the Speech from the Throne.” In response, Mr Aubry told this newspaper: “It’s encouraging to hear some of these things, but the proof is obviously in the pudding. When and how we move these forward will be important. “Execution is a challenge. Execution has been a challenge not only in The

Bahamas but regionally. Bureaucracy, and change in the public service, is a difficult thing. We need to work on the civil service being as efficient and effective and right-sized as possible.” He voiced reservations about the plan to include campaign finance reform in an amended Public Disclosures Act, which mirrors what the former Minnis administration had planned to do. “The strongest campaign finance legislation is one that stands alone as opposed to being embedded with other legislation,” Mr Aubry said. Calling for the Government to detail how such legislation will be structured, and “the mechanics” for how it will be rolled out and function, he added that it was vital for an independent body to handle anti-corruption complaints given the inter-locking family and political relationships that dominate Bahamian society. “One of the things we know is that having an independent body to review claims of corruption is clearly the modern standard, particularly in an environment like ours where there’s a heavy political agenda and so many strong connections between families and groups,” the ORG chief told Tribune Business. “Having an outside body is not only an important

step to having the claims addressed as they come forward, but is also important to address the perception of corruption. We hope to see that mechanism in the legislation.” Mr Aubry said ORG and civil society were also “anxious” to see the full implementation of the Freedom of Information Act “move forward as quickly as possible”, adding that the governanceminded group was willing to participate in public education campaigns related to its use once a roll-out plan was developed. “It’s important to understand there’s a full plan to roll that out once all areas of government open up and comply with the Freedom of Information Act,” he added. “It’s great to have ten pilots, but we want to understand the progress and plan for all other agencies to be included and citizens to use this legislation as is there right. “We understand this is just a debate related to the Speech from the Throne, but we want to see as much detail as possible. Understanding how they are going to execute this legislation and when is important, particularly given that we had these types of legislation put forward under the past two administrations and did not see much progress.” The Prime Minister, in the run-up to September’s

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that often drives the share price below its true value. Bahamas Waste was founded by Mr Andrews and David B. Donald in 1987 to meet the growing need among Bahamian businesses for efficient, reliable waste collection. It now has more than 1,400 Bahamian shareholders. general election, said the Progressive Liberal Party (PLP) would pass the anticorruption legislation that the Minnis administration stalled on during its first 100 days in office. Keen for that to happen, Mr Aubry said: “We’re really hoping this is a priority on the legislative agenda so we can see movement, but it’s going to require consultation with the public and various stakeholders. “We want to make sure that happens, and the legislation is viable and inclusive to the needs of citizens. It’s a pretty tight timeline. We’re ready to move if they’re ready.”

CAR RENTALS: ROGUE OPERATORS FACT OF LIFE FROM PAGE ONE

“We also plan to regulate activities like car rentals and boat rentals”. Mr Cooper, noting that such sectors are supposed to be reserved for Bahamian ownership only and “subject to strict licensing”, said: “We must ensure that Exuma entrepreneurs do not face unfair, unlicensed competition,” the deputy prime minister said. “We hear this a lot, and are going to do something about it. We welcome our friends from different countries, but fair is fair. “Render unto Caesar what is due to Caesar. We need our share to help build the roads, docks, bridges and airports that we all complain about.” Terry Delancey, owner/ operator of Virgo Car Rental, said of the issues identified by Mr Cooper: “I don’t think it is a problem with unlicensed SD (selfdrive) companies, but there is a problem with some of these hotels on the Family

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Islands that give their guests a one-time package for hotel and car rental. Those people may not be licensed. “There have always been hackers in the business, from taxi hackers to car rental hackers. So this is nothing new. We can’t do anything about that. Far be it from me to try to stop anyone from trying to get into business; someone had to let me into the business, so I wouldn’t want to get in anyone else’s way.” Lachea Ferguson, owner/ operator of Shift Car Rental, said: “The thing is there was a crack down on people having multiple plates. What the Road Traffic Department started to do was get people who were licensing multiple cars. I think it was over five cars that you needed to get a proper business license. “Right now there isn’t a problem with unlicensed car rental companies, because if you have an SD plate then you have the right to rent the car once you have the proper insurance.”

PAGE 6, Tuesday, November 9, 2021

THE TRIBUNE

‘NO SIGNS OF SLOWING’: REALTOR IN 75% JUMP FROM PAGE ONE

COVID-plagued 2020, which depressed real estate activity for a portion of that year. However, multiple realtors have indicated that international buyer activity rebounded much faster than expected so last year was not a complete write-off. No numbers were provided, but Ms Martinborough echoed these sentiments by revealing that “we did not predict we would be in such a good position a year later” following The Bahamas’ first

COVID-19 lockdown and associated restrictions. She identified multiple drivers behind The Bahamas’ real estate recovery, including the “pent-up demand” induced by worldwide COVID lockdowns; US purchasers viewing this nation’s real estate as a hedge against inflation and increased taxes at home; the search for “safe havens” away from the pandemic; and the lifestyle this nation offers combined with home working. “It’s the pent-up energy from the pandemic,” Ms Martinborough said.

NOTICE NOTICE is hereby given that KATIANA MANACE of Johnson Road Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“People were cooped up in their houses, could not move about, and everybody had been sent into shell shock. Once we opened up they saw you could move freely in The Bahamas, it was a safe haven and we had handled the pandemic well.” Some may disagree with the latter assertion given subsequent events, but the Bahamas Realty executive said the concept of home working, married with the Bahamian lifestyle, had opened up a younger buyer niche. “We now have the 30 to 40 year-old age group that have that second home, which they would typically have to wait for retirement to achieve, putting money into that,” she added. The Bahamas’ tax neutral

platform and US proximity remain key attractions, while the return of Canadian and European buyers will help to maintain momentum. “I don’t anticipate demand stopping any time soon,” Ms Martinborough said. “We don’t see any signs of it slowing down, that’s for sure. How long will it last? If we knew the answer to that we would all be millionaires. “From our projections we’re looking at another strong winter season and, beyond that, we will have to follow the economists closely and see what happens..... Even though our prices are going up, we’ve not had the jump they’ve had in places like Toronto, so they’ll [Canadian buyers]

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TREASURE ANNEMARIE TERRELLI of CR-55918 Nassau, The Bahamas, intend to change my name to TREASURE ANNE-MARIE TIRELLI. 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.

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LA FLEUR INVESTMENTS LTD.

PLUTO OVERSEAS LTD.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LA FLEUR INVESTMENTS LTD. is in dissolution as of November 5, 2021

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PLUTO OVERSEAS LTD. is in dissolution as of November 5, 2021

In Voluntary Liquidation

International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

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International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

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still feel they’re getting good value here.” Bahamas Realty is forecasting that it will retain 2021’s gains with a matching 2022 performance. Ms Martinborough added: “If we can hold or duplicate the same numbers we will be very happy with that. If we can maintain that 75 percent, and hold it at the same level in 2022, we will be in a very good position.” Moving where the market activity is, she added: “Bahamas Realty will be opening a new office in the west in the New Year. We are relocating to the Caves Shopping Centre. We have operated with the office out east for a very long time, 40 years, but with all the development and all we do on the commercial side and property management side, we decided to open there to be closer to our clients while they can come and find us. We look forward to opening in January or February of the New Year. Donald Martinborough, Bahamas Realty’s chief executive, estimated that “the real estate boom in the west” of New Providence had produced a 30-40 percent average increase in prices in the area compared to the prior year as businesses moved out of Nassau with employees following. “One has to wonder how long something like this will last,” he told Tribune Business of current

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market demand. “I think we’re in for a few years; a good few years of this type of market.” Mr Martinborough said he could see current activity levels maintaining “for the next two to three years”, with The Bahamas feeding off a surging US real estate market. He added, though, that “not a lot of Bahamians” were participating other than those moving to western New Providence as they followed their work. There have been growing concerns that the influx of foreign buyers is starting to price Bahamians out of the market, and reduce the availability for locals, along with suggestions that overseas purchasers can afford to pay more in taxes. Ms Martinborough, meanwhile, said Bahamas Realty is seeking to “scale up” its business to respond to the heightened demand via the recruitment of seasoned agents as well as new ones who can be put through training schemes. “We’ve never grown at a rapid pace just to grow,” she said. “We’re very selective with agents. Our name, our ethos, our reputation in the community are very important to us, so we will only add agents suitable for Bahamas Realty, and have the same values and ethos we have. “We don’t have set numbers. We have some targets that we’d like to hit, but we’re looking for the right agents to fill the space before we fill them.”

NOTICE NOTICE is hereby given that ROSENITA ELFRA of Palmetto Point Eleuthera, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JERVINA ARMBRISTER of Hanna Road Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JOSEPH LOUIS of Edward Ave Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ADRIAN ANDREW CORLETTE of #4 Rolling Hills Estate P.O. Box CR-56810 Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.