11172023 BUSINESS by tribune242

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FRIDAY, NOVEMBER 17, 2023

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Fidelity ‘not revising’ $16m profits target By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

companies joining its merchant card services business; and “aggressive” loan writeoff recovery had generated renewed optimism. Mr Bowe had previously described a $16m full-year profit as “a worst case” scenario, but even that target appeared to be in doubt after the bank’s unaudited financials for the nine months to end-September showed net income was down by almost one-third at $10.666m as opposed to $15.571m in the prior year.

But, with the imminent Christmas season often seeing an uptick in credit demand from both merchants and consumers, the Fidelity Bank (Bahamas) chief said: “We are still targeting $16m. We’re not revising that at this point. We believe there’s still an opportunity in the fourth quarter. There are several positive elements to materialise. “The third quarter was the first quarter [since the start of the pandemic] where we didn’t see any loan book retraction. We saw a modest expansion of about $1m.”

TWO developers targeting Long Island’s former Diamond Crystal plant with separate eco-tourism investments yesterday voiced optimism that the required approvals will be processed “very quickly”. Diamond Crystal Properties and Maritek Bahamas,

which have divided the 25,000 acres that once belonged to the island’s former largest employer between them, both confirmed at the Long Island Business Outlook that they both still have work to do to obtain all the environmental and other permits required for their ventures to proceed (see other article on Page 1B). However, the principals of both developers indicated they are confident that the nature

GOWON BOWE Mr Bowe confirmed that last quarterly results period to witness a loan book expansion was the first three months in 2020 just before the first COVID lockdown was imposed. “It’s the first time that we have not seen a contraction since the first quarter of 2020,” he affirmed. “Ultimately, that means there’s a levelling off taking place.” Turning to industry data, Mr

SEE PAGE B4

of their respective projects should help ensure the approvals process proceeds relatively smoothly, as their investments will help revive both Long Island’s economy and a derelict site. Nina Pesavento, president of Diamond Crystal Properties, the investor behind the Salinas project and its proposed 8,560-acre Nature Reserve,

SEE PAGE B2

CHESTER COOPER

DPM wants Long Island airport opening this term THE deputy prime minister yesterday said he “fully expects to cut the ribbon” for the opening of Long Island’s new international airport before the Davis administration’s term in office ends in 2026. Chester Cooper, also minister of tourism, investments and aviation, sought to reassure the island’s residents during the Long Island Business Outlook conference that “you are not forgotten” by setting “the end of the 2024 second quarter” as the target for launching the longawaited Deadman’s Cay airport redevelopment.

Acknowledging that such projects can take up to two years to complete, he added that the Government will seek to speed the project up by adopting what he described as the alreadysuccessful airport design for Great Harbour Cay in the Berry Island and implementing it for Long Island. Disclosing that an updated Deadman’s Cay airport will feature 20,000 square feet of terminal space, and serve as an international port of entry with Customs, Immigration and police present, Mr Cooper said the Government’s goal is to improve the air travel experience and the ease by which tourists can access Long Island.

SEE PAGE B5

BPL hit by three-fold ordering time jump By NEIL HARTNELL Tribune Business Editor nhartnell@tribu`nemedia.net A BAHAMAS Power & Light (BPL) executive yesterday urged new developers to inform it of their energy needs as rapidly as possible given that it now takes three times’ as long to order key parts. Toni Seymour, the state-owned utility’s chief operating officer, told the Long Island Business Outlook that ordering transformers and generators now lasts up to 18-24 months post-COVID

compared to just six to eight weeks pre-pandemic. “What I would encourage developers to do, once they have a build-out schedule and know what their actual load demand is, is please come in and see us and let us know so we have an idea of how long we have before we need to order new transformers, new generators,” she explained. “I’ll give you an example. Post-COVID, while we could have gotten a primary transformer in six to eight months, that timeline is now 18-24 months. The update we got is 108 weeks

SEE PAGE B6

Long Island developers eye Diamond Crystal site revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Long Island developers hope for ‘quick’ approvals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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FIDELITY Bank (Bahamas) yesterday said it is “not revising” its $16m profit target for the 2023 full-year despite its bottom line for the first nine months slumping by 31.5 percent year-over-year. Gowon Bowe, the BISXlisted lender’s chief executive, told Tribune Business that despite a $5m drop-off in net income for the year to endSeptember “several positive elements” emerged towards the end of the 2023 third quarter to give the institution confidence $16m is still attainable. Speaking ahead of today’s visit to Exuma, where he will attend the opening of a new business model that Fidelity Bank (Bahamas) hopes will enable it to “penetrate” other Family Islands, he added that a combination of renewed loan book growth; larger

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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A DEVELOPER aiming to transform the site of Long Island’s one-time largest employer yesterday pledged to “change the narrative” that “conservation and development are at odds” in The Bahamas. Nina Pesavento, president of Diamond Crystal Properties, told the Long Island Business Outlook conference that the company is optimistic its proposed Salinas project “is poised to become the Bahamas’ signature luxury regenerative development project” once it receives all the necessary approvals to proceed (see other article on Page 1B). The Salinas development, which is targeted at the site of the former Diamond Crystal salt ponds and plant in southern Long Island, was touted as “two world-class destinations in one”. It will be centred on the 8,560-acre Salinas Nature Reserve, with the intention of “putting Bahamian wilderness on the map on a global scale like never before” via an ecotourism focus. Covering around 10,000 acres in total, Ms Pesavento said Salinas will also feature a small scale “eco luxury” development component consisting of multiple boutique hotels, marinas and residential and estate lots that will be acquired by real estate buyers. Diamond Crystal Properties is controlled by the Toronto-based Hamilton Group, which has investments in traditional equity stocks; residential resort communities; crypto currencies and a Canadian airline. It is headed by its president, David Young, whose family foundation focuses on philanthropic giving to environmental issues and causes. However, it is not the only developer targeting the former Diamond Crystal site which, if all plans come to fruition, will see its 25,000 acres split between two nature-based tourism

SEE PAGE B3

PAGE 2, Friday, November 17, 2023

THE TRIBUNE

AVOIDING PROBLEMS WITH WORKPLACE FRIENDSHIPS H

aving close friendships in the workplace can be beneficial for employee well-being and productivity. But there are also challenges that can arise when friends work together. These situations, and the potential risks, must be navigated with the utmost sensitivity. It is important to strike a balance between personal connections and professional boundaries to avoid potential conflicts and distractions. This week’s article explores the advantages and pitfalls of working with your best friend. Perhaps the initial benefit that surfaces about working with a friend is the enjoyment one can have with a team member who is also a friend. Research indicates that workplace friendships can help reduce stress, improve collaboration,

IAN FERGUSON boost communication and even increase job satisfaction. What a great body of research also confirms is that friendships at work can also create challenges when it comes to maintaining professional boundaries. While it is natural to want to socialise and build

personal connections with colleagues, it is important to remember that our time spent at work, and our interactions with colleagues, are ultimately intended to complete a job. Maintaining a balance between personal connections and professional boundaries can create all sorts of challenges for everyone involved. When boundaries are overstepped or not respected, friendships can quickly lead to conflict and distractions, which in turn could potentially undermine productivity and teamwork. With this in mind, it is important for employees and managers alike to navigate the delicate balance between cultivating relationships, avoiding the creation of cliques and maintaining professional boundaries in the workplace.

Here are a few tips for establishing those workfriendship scenarios: Limit times of socialising Be mindful of how much time you spend socialising with colleagues. While it is important to build rapport and to get to know your colleagues on a personal level, remember that you are at work to do a job. Try to limit social activity to appropriate times, such as lunch breaks or after-work events. Avoid Gossip and Negativity Talking about colleagues behind their backs can damage your professional reputation and make it difficult to maintain positive relationships. Instead, focus on building up your colleagues and celebrating their successes.

Beware of your leadership presence If you are in a position of authority, it is important to be cautious about how you interact with persons on your team. While it is okay to be friendly, be mindful of your tone and how you may come across. Be subtle in throwing your weight around and use varying methods of leadership evenly, fairly and appropriately.

help avoid potential legal implications. Setting clear expectations and boundaries, such as avoiding discussing personal issues during work hours or refraining from favoritism, can help to mitigate potential issues. Promoting team-building activities and encouraging social interactions outside of work can help to strengthen relationships and foster a positive work environment.

Be clear and respectful in your communication If you are having trouble maintaining boundaries with a colleague, it is important to address the issue head-on. Be clear about your expectations and boundaries, and be respectful of theirs. While it is great to have close friends at work, maintaining professional boundaries could also

UÊ \Ê > Ê ,Ê iÀ}ÕÃ Ê ÃÊ a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Long Island developers hope for ‘quick’ approvals FROM PAGE B1 said: “Regarding the Diamond Crystal project, we submitted a master plan to the Bahamas Investment Authority (BIA) two years ago that was approved. “We’ve not reached the Heads of Agreement yet. There’s quite a lot of work yet, including submission of the Department of Environmental Planning and Protection (DEPP) application. We anticipate beginning the DEPP process by the end of this year and early 2024. “We’re hopeful that with our recent efforts and the nature of the project, our application should go fairly quickly, but we are still working on that component.” Responding to the same audience question,

Geoff Fulton, Maritek Bahamas chairman, compared developing resort and real estate projects to “an iceberg” on the grounds that much of the preparatory work goes unseen by the public. Just as most of an iceberg is hidden underwater, Mr Fulton told the Outlook: “The Maritek project is lagging behind the Salinas project. In some ways, developing a project is like an iceberg. You may think you’ve seen everything, but only 10 percent is above the water. “We have done a lot of work. We have done a lot of geotechnical work, and have done a lot of economic reviews to establish viability before we go back to the Government. We hope to be back before the

Government by the end of the year. There will be some lag time after that. These projects take a lot of time, but we have done a lot of work leading up to it, so the approval process should go very quickly.” Maritek Bahamas’ Chrysalis project is based on a similar model to that of its Salinas neighbour. Of its 14,720-acre site, some 11,720 acres will be set aside for environmental preservation with the remaining 3,000 targeted for the development of a total 1,000 modular homes that will be split into clusters no larger than 25-100. A range of eco-tourism activities will be available to residents and guests. Chester Cooper, deputy prime minister and minister of tourism, investments

and aviation, yesterday also sought to manage expectations regarding Long Island investment projects immediately after touting the Diamond Crystal proposal. His comments also referred to the $250m Calypso Cove cruise port targeted at the southern tip of Long Island. Giving the keynote address at the same conference, he said: “I point out two things. First, these developments sometimes take a while to be fully designed, developed and come out of the ground. I’m delighted that progress is underway. “The second point I would make is some aspects of both of these projects [Diamond Crystal and Calypso Cove] are subject to Environmental Impact Assessments (EIAs),

especially as it relates to the cruise piers. Unless we are fully able to satisfy minimising the environmental impact, there will need to be some adjustments to the designs potentially as it relates to the marina and the piers. “Let me tell you how we are big on environmental sustainability, we are big on sustainable tourism, and we are big on protecting the environment for future generations of Bahamians.” Mr Cooper had earlier described Diamond Crystal Properties’ plans as “a multi-phase project encompassing marinas, hotels, residential lots, a nature preserve and more across 14,000 acres of Long Island. “Phase One at Hard Bargain spans across 107 acres,” he added, revealing that it will include a 30-acre marina with numerous slips, cafes, restaurants,

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bars, local businesses, water sports facilities, nature tours and fishing excursions. “It also encompasses a 64-bed lagoon hotel, a 127bed oceanfront hotel, 17 large estate lots, 65 residential lots and 85 family homes,” Mr Cooper said. “Additionally, this phase incorporates an extensive 8,560-acre nature reserve.” Mr Cooper added that Salinas’ second phase will feature 196 residential lots on 473 acres, with the third stage featuring a 47-slip marina along with a 75-bed hotel, 160-bed hotel and 58 single family home lots situated on 160 acres of land. A fourth phase on 100 acres involves the creation of a lagoon and 15-acre marina featuring a boardwalk alongside mixed-use facilities including shops, restaurants and recreational activities. A 220-room beachfront hotel, along with residential lots, are also included. “Approval of these various undertakings showcases our destination with sustainable development and offers best prospects for residents and visitors alike,” Mr Cooper said.

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Friday, November 17, 2023, PAGE 3

Long Island developers eye Diamond Crystal site revival FROM PAGE B1 investments. While Diamond Crystal Properties will take the site’s northern part, Maritek Bahamas and its chairman, Geoff Fulton, are eyeing almost 15,000 acres at its southern end. Mr Fulton, who also unveiled his butterflythemed Chrysalis at the Long Island Business Outlook, previously partnered with Mr Young on an effort that began almost 20 years ago in 2004 to secure the property. They endured legal battles in the Bahamian and US courts to affirm their ownership, and are understood to have ultimately decided to develop separate projects as neighbours. The Maritek Bahamas chair revealed that he, too, plans to segment his 14,720-acre parcel into two featuring a 11,720-acre environmental preserve and 3,000 acres for development. Pledging that Chrysalis will be “light on the land”, Mr Fulton said the concept will be based on the cottage resorts he has developed in Canada under the Great Blue Resorts brand. Both developers thus share similar ideas and vision. “With Salinas, we really intend to introduce a new model of sustainable development; one that has not before been seen in The Bahamas. One we have not seen in The Bahamas,” Ms Pesavento pledged. “Our site is approximately 10,000 acres, so it is quite large. I guess that would be an under-statement. “Our vision is two worldclass destinations in one. First and foremost is the Salinas Nature Reserve. The idea is for the Nature Reserve to put Bahamian wilderness on the map on a global scale like never before with walking trails, kayaking and paddle boarding recreation, and a research centre. “Alongside of that is our proposed development site, which consists of small-scale eco-luxury hospitality experiences.” While a master plan for the Salinas project was said to have been approved by the Bahamas Investment Authority (BIA) two years ago, it has yet to begin the process of obtaining the necessary environmental approvals - including a Certificate of Environmental Clearance (CEC) - from the Department of Environmental Planning and Protection (DEPP). No figures on the precise number of jobs that will be created, or dollar amount of investment required, were provided by either developer yesterday. However, Ms Pesavento said Diamond Crystal Properties’ philanthropic arm, the Long Island Conservancy, was officially registered as a Bahamasdomiciled non-profit last week to signal that the project is progressing.

The Conservancy will be led by the former head of Nature Conservancy Canada, and she added: “We have throughout the last several years in planning for the Salinas Nature Reserve been working very closely with the Bahamas National Trust. “This is not a traditional development model or one seen throughout The Bahamas to-date. When we look at the island of Long Island that is extremely self-sufficient and has grown not depending on tourism, we have a very unique opportunity to do things differently.” Ms Pesavento explained that Diamond Crystal Properties planned to focus the Salinas development “on two critical assets” - the Long Island community and its geography, which she described as “entirely unique” and “cannot be replicated anywhere else”. “Our role in developing Salinas is not to introduce a massive resort model that has been successfully played out elsewhere,” she continued. “In fact, we see our role as bringing out the best of what this destination has to offer. What makes Long Island so unique is what already exists here. The question for us is how can we excavate the inherent value of the site and bring financial value to the table through that.” Ms Pesavento said the developer aims to achieve this by unlocking what she described as Long Island’s “sacred capital” through its own financial investment in the project. She defined “sacred capital” as a combination of the island’s existing human, social, environmental and physical resources, explaining that Diamond Crystal Properties will seek to “mobilise the community to true sustainable development”. This, in turn, will develop a project aligned with the growing post-COVID tourism demand for sustainable, authentic, low-scale and ‘off the beaten path’ experiences. Ms Pesavento said the 8,500-acre Salinas Nature Reserve will feature lagoons, beachfront and mangrove forest, and also seek to pay homage to the location’s “cultural heritage” and past and current uses. It will feature a hub for boutique salt harvesting and shrimp farming, with Diamond Crystal Properties promising to consult Long Islanders on “how they desire to use part of the salt pans that remain”. Renewable energy will also be incorporated into the development, although the developer has yet to begin remediation of a site previously used for aquaculture and industrial purposes prior to its mid-1980s closure. Ms Pesavento said the developer will begin with “small interventions and see how the site responds”, such as improved lagoon flushing and other clean-up

work. “Once this remediation work actually begins, there will be opportunities for species management and park management and operations, and eco-tours and hospitality programmes,” she added. “We see this as critical to establishing a destination in Long Island in a way that puts the wilderness at the forefront of this destination,” the Diamond Crystal Properties president said. “Our ultimate goal is for Salinas Nature Reserve to link with a bigger marine management area. This would tie in with the Exuma Sound... “We really do believe Salinas is poised to become The Bahamas’ signature luxury regenerative development project. We are focusing on small-scale, high-end development that we have not really seen throughout The Bahamas. “This is a model that has been highly successful throughout Costa Rica, Mexico and parts of Central America. We’ve seen in The Bahamas the sense that conservation and development are at odds with one another. That’s the narrative we’re trying to change here.” Mr Fulton, meanwhile, said Chrysalis will create a “transformative experience” even though he, too, does not yet possess all the necessary government approvals to proceed. His project seeks to create a community of 1,000 modular, already-built, homes divided into clusters of 25-100 properties whose parts just need to be shipped to The Bahamas. Activities such as boating and fishing will feature prominently. “The anticipated market we’re driving for is not the economic elite because the modular structures we’re looking at maybe reflect owners, people who are sensitive to nature and want to interact with Long Islanders,” he added. “They learn as much from Long Islanders as you do from them, and maybe more. “They’re here to learn from you, not show you otherwise.” Suggesting that Chrysalis residents will be interested in buying from local producers and farmers markets, Mr Fulton said: “The concept is that the resort will be inclusive, not exclusive. The owners will engage with the wider community, go shopping, get their own supplies and get to know people.” The Diamond Crystal site was, almost four decades ago, the main driver of Long Island’s economy, providing the biggest source of employment on the island. Diamond Crystal opened its plant in the 1970s and, after it closed due to its US parent filing for bankruptcy, was taken over by World Wide Protein (Bahamas), a shrimp farming company. That venture, too, failed with the shrimp farming closing after several years

of operations in the mid1980s. World Wide Protein is understood to be the predecessor to Maritek Bahamas. The loss of economic activity and employment opportunities has contributed to the steady depopulation of Long Island ever since. investments. While Diamond Crystal Properties will take the site’s northern part, Maritek Bahamas and its chairman, Geoff Fulton, are eyeing almost 15,000 acres at its southern end. Mr Fulton, who also unveiled his butterflythemed Chrysalis at the Long Island Business Outlook, previously partnered with Mr Young on an effort that began almost 20 years ago in 2004 to secure the property. They endured legal battles in the Bahamian and US courts to affirm their ownership, and are understood to have ultimately decided to develop separate projects as neighbours. The Maritek Bahamas chair revealed that he, too, plans to segment his 14,720-acre parcel into two featuring a 11,720-acre environmental preserve and 3,000 acres for development. Pledging that Chrysalis will be “light on the land”, Mr Fulton said the concept will be based on the cottage resorts he has developed in Canada under the Great Blue Resorts brand. Both developers thus share similar ideas and vision. “With Salinas, we really intend to introduce a new model of sustainable development; one that has not before been seen in The Bahamas. One we have not seen in The Bahamas,” Ms Pesavento pledged. “Our site is approximately 10,000 acres, so it is quite large. I guess that would be an under-statement. “Our vision is two worldclass destinations in one. First and foremost is the Salinas Nature Reserve. The idea is for the Nature Reserve to put Bahamian wilderness on the map on a global scale like never before with walking trails, kayaking and paddle boarding recreation, and a research centre. “Alongside of that is our proposed development site, which consists of small-scale eco-luxury hospitality experiences.” While a master plan for the Salinas project was said to have been approved by the Bahamas Investment Authority (BIA) two years ago, it has yet to begin the process of obtaining the necessary environmental approvals - including a Certificate of Environmental Clearance (CEC) - from the Department of Environmental Planning and Protection (DEPP). No figures on the precise number of jobs that will be created, or dollar amount of investment required, were provided by either developer yesterday. However, Ms Pesavento said Diamond Crystal Properties’ philanthropic arm, the Long Island Conservancy, was officially registered as a Bahamasdomiciled non-profit last week to signal that the project is progressing.

hospitality programmes,” she added. “We see this as critical to establishing a destination in Long Island in a way that puts the wilderness at the forefront of this destination,” the Diamond Crystal Properties president said. “Our ultimate goal is for Salinas Nature Reserve to link with a bigger marine management area. This would tie in with the Exuma Sound... “We really do believe Salinas is poised to become The Bahamas’ signature luxury regenerative development project. We are focusing on small-scale, high-end development that we have not really seen throughout The Bahamas. “This is a model that has been highly successful throughout Costa Rica, Mexico and parts of Central America. We’ve seen in The Bahamas the sense that conservation and development are at odds with one another. That’s the narrative we’re trying to change here.” Mr Fulton, meanwhile, said Chrysalis will create a “transformative experience” even though he, too, does not yet possess all the necessary government approvals to proceed. His project seeks to create a community of 1,000 modular, already-built, homes divided into clusters of 25-100 properties whose parts just need to be shipped to The Bahamas. Activities such as boating and fishing will feature prominently. “The anticipated market we’re driving for is not the economic elite because the modular structures we’re looking at maybe reflect owners, people who are sensitive to nature and want to interact with Long Islanders,” he added. “They learn as much from Long Islanders as you do from them, and maybe more. “They’re here to learn from you, not show you otherwise.” Suggesting that Chrysalis residents will be interested in buying from local producers and farmers markets, Mr Fulton said: “The concept is that the resort will be inclusive, not exclusive. The owners will engage with the wider community, go shopping, get their own supplies and get to know people.” The Diamond Crystal site was, almost four decades ago, the main driver of Long Island’s economy, providing the biggest source of employment on the island. Diamond Crystal opened its plant in the 1970s and, after it closed due to its US parent filing for bankruptcy, was taken over by World Wide Protein (Bahamas), a shrimp farming company. That venture, too, failed with the shrimp farming closing after several years of operations in the mid1980s. World Wide Protein is understood to be the predecessor to Maritek Bahamas. The loss of economic activity and employment opportunities has contributed to the steady depopulation of Long Island ever since.

PAGE 4, Friday, November 17, 2023

THE TRIBUNE

Fidelity ‘not revising’ $16m profits target FROM PAGE B1 Bowe said Central Bank statistics showed that while there was a $90m contraction in the commercial banking industry’s consumer loan book for the 2022 full-year, during the first nine months of this year there has been a modest reversal with $6m growth. “If we’ve grown by $1m, we’re holding our market share,” the Fidelity Bank (Bahamas) chief said. “We can only grow as fast as the credit market.” Sacrificing price, and taking more risk on credit underwriting decisions, is not a strategy that the bank plans to adopt. “Our fee and commission income already exceeds the prior year,” Mr Bowe said of a nine-month

performance that saw this category increase by 19.3 percent year-over-year to $5.326m as opposed to $4.464m. “We continue to see growth in merchant business on-boarding. “We have seen some larger merchants. We had started with small and medium-sized businesses that were under-served in terms of terminals to accept debit and credit cards. That has led to larger players, and the ability to attract larger players helps to build economies of scale.” Mr Bowe, revealing that the banking industry is still in talks with the Government over the reimposition of Business Licence fees on the sector, said Fidelity Bank (Bahamas) had elected to absorb most of

the hit from this levy onetime in the third quarter. This will not reoccur in the present fourth quarter, thus enabling more earnings to fall to the bottom line. “We took three-quarters of the Business Licence fee, and that was almost $1m in the third quarter,” he explained. “That one, when you look at the third quarter performance, we won’t now have that same $1m hit. We already know we’re talking close to $4.5m than $3.5m. “If we continue to see some loan expansion because we’re trending into that holiday season. This is the quarter that merchants have their biggest spend if economic conditions remain conducive.” Mr Bowe added that Fidelity

Bank (Bahamas) targeting of delinquent borrowers with written-off loans is already starting to bear fruit. “Towards the end of the third quarter, and going into October, the loan recoveries that I said we’d be more aggressive with, persons may have heeded the warning or clarion call,” he revealed, “and with the write-off portfolio we’re seeing a much greater percentage being attacked by the collection team. “It’s going to be a slog; it’s not going to be an easy ride to the end of the year, but equally the more positive signs give us a greater level of optimism.... We can see stabilisation because interest income from loans has been consistent in the

Notice of Appointment of a Liquidator under Section 204 of

the BVI Business Company Act

ARLO MANAGEMENT S.A.

GARDENIA CORPORATE SERVICES LIMITED

(IN VOLUNTARY LIQUIDATION) Company No. 1752884

NOTICE is hereby given pursuant to section 204, subsection 1 (b) of the BVI Business Companies Act, 2004 that the Company is in Voluntary Liquidation. The Voluntary Liquidation commenced on 14th November 2023. The Liquidator is Myron Walwyn of Travers Thorp Alberga, 2nd Floor Jayla Place, P.O. Box 216, Road Town, Tortola, British Virgin Islands, VG1110. Dated 14th day of November 2023 (Sgd) Myron Walwyn Voluntary Liquidator

second and third quarters, and contracted in the first quarter, which means non-performing loans are not dragging it and we are building back to loan profitability.” Mr Bowe estimated that this process will take another 18-24 months to conclude as the Bahamian workforce, and number of persons employed - as opposed to percentages still has to recover to the numbers recorded prior to the COVID pandemic. Turning to the opening of Fidelity Bank (Bahamas) prototype Family Island business model today, he added: “We have the new business concept and new equipment, and cash partners. We’re certainly excited to see if this business model works, and

if it does we should be able to penetrate a number of the islands with a suitable model for a cashless bank but with a cash partner.” Explaining that Exuma was targeted for the first branch in part because of its extensive population growth, Mr Bowe added that Eleuthera, Long Island and Bimini are the next locations being eyed for the new Fidelity Bank (Bahamas) Family Island model.

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(IN VOLUNTARY LIQUIDATION) Company No. 1597842

NOTICE is hereby given pursuant to section 204, subsection 1 (b) of the BVI Business Companies Act, 2004 that the Company is in Voluntary Liquidation. The Voluntary Liquidation commenced on 13th November 2023. The Liquidator is Myron Walwyn of Travers Thorp Alberga, 2nd Floor Jayla Place, P.O. Box 216, Road Town, Tortola, British Virgin Islands, VG1110. Dated 13th day of November 2023 (Sgd) Myron Walwyn Voluntary Liquidator

NOTICE

Legal Notice

STELLA FUND LIMITED

NOTICE

Pursuant to the provisions of The Executive Entity Act, NOTICE is hereby given that Sierra EE has been placed in voluntary liquidation and the date of commencement of the liquidation is 15 November 2023.

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Jade Investment Advisors Ltd is in dissolution and the date of commencement of the dissolution is 15th November 2023.

NOTICE is hereby given as follows:

(a) Stella Fund Limited is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Nicholas Thierry of Paris, France. Dated 16 November 2023 Nicholas Thierry Liquidator

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple House #4 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

Jamil Zaidan Saba LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple House #4 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

NOTICE

DIVA CRYSTAL LTD.

BRIGHT PROSPER HOLDINGS LIMITED

RUI AN LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) DIVA CRYSTAL LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) BRIGHT PROSPER HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 15th November, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of November, A. D. 2023. _______________________________ Bukit Merah Limited Liquidator

NOTICE PEPPERMINT GROVE LIMITED

(b) The dissolution of the said company commenced on the 15th November, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Repulse Bay Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of November, A. D. 2023. _______________________________ Repulse Bay Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows: (a) RUI AN LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 16th November, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of November, A. D. 2023 _______________________________ Bukit Merah Limited Liquidator

NOTICE

CARA IRREVOCABLE LIMITED

JACQUI RUSSELL INTERNATIONAL ENTERPRISES LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) PEPPERMINT GROVE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 15th November, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of November, A. D. 2023. _______________________________ Bukit Merah Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows:

(a) CARA IRREVOCABLE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) JACQUI RUSSELL INTERNATIONAL ENTERPRISES LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

THE TRIBUNE

Friday, November 17, 2023, PAGE 5

DPM wants Long Island airport opening this term FROM PAGE B1 Pledging that the revived airport will also offer entrepreneurial opportunities for Bahamian vendors, he said: “I’m looking forward to rolling these plans out for you, but we believe we can expedite the airport development by rolling out the design of the Great Harbour Cay airport and we will share some of the images with you shortly. “That design has already demonstrated its effectiveness... It’s modern, it’s attractive and providing

seamless facilitation for air traffic. This approach allows us to fast track plans and the implementation stages of a successful real model. By doing it this way we can swiftly move through the various phases of development, streamlining the decision-making process and minimising potential setbacks or delays. “We can not only ensure that the Long Island airport upgrades are efficient, aesthetically in line with the island’s environment but we already know how to build an airport with this design

and open the airport on a realistic timeline and a realistic budget,” Mr Cooper added. “By accepting this design we will share with stakeholders shortly, we are confident we will be able to do this successfully with the co-operation of local stakeholders. We anticipate being able to launch hopefully by the end of the second quarter in 2024 and, in the event, be able to drive this process to completion fairly quickly. “I warn you that it takes two years to build an airport. I fully expect to cut the ribbon, not just break ground, but cut the ribbon for Long Island International Airport before the end of our first term in office.” The Opposition will likely argue that the Government will not get a second term in office, but that remains to be seen. Mr Cooper yesterday added that he hoped to advance Long Island’s airport redevelopment as part

of the collective $263m public-private partnership (PPP) bidding process that placed 14 Family Island airports - including Deadman’s Cay - out to tender seeking private sector financing and operational partners. He said Long Island was “a priority” in this initiative alongside Grand Bahama, completion of Exuma International Airport, North Eleuthera, Black Point in Exuma and Cat Island. “You can be assured we will be working relentlessly to ensure the gateway to your island gets underway in the shortest possible timeframe,” Mr Cooper added. “I’m confident these intentions are admirably ambitious, and signal a new era for Long Island reflecting our commitment to progress, sustainable development and enhancing the island’s charm.” Long Island has long demanded an upgraded airport, fit to receive international commercial flights, and associated

NOTICE AKAMAI GLOBAL LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 206862 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 14th day of November, A.D. 2023.

NOTICE IKONN GLOBAL LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 210472 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 14th day of November, A.D. 2023. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. André Luiz Ota, whose address is Rua Avelino José Borges, Barra Velha, SC, CEP: 88390-000, Brazil. Persons having a Claim against the above-named Company are required on or before the 13th day of December, A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved. Dated this 17th day of November, A.D. 2023. André Luiz Ota Liquidator

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Roberto Afonso Valerio Neto, whose address is Rua Inhambu 66, AP 101, CEP 04520-010, Sao Paulo, Brazil. Persons having a Claim against the above-named Company are required on or before the 13th day of December, A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be e cluded from the benefit of any distribution made before such claim is proved. Dated this 17th day of November, A.D. 2023. ROBERTO AFONSO VALERIO NETO Liquidator

infrastructure for years amid a widely-held belief that tourism and wider commerce were slowly being strangled by a lack of aviation access. A tender document, issued to prospective bidders under the former Minnis administration, said: “The new Deadman’s Cay airport will be constructed at the existing terminal and runway locations, and must include a comprehensive plan that allows for the continued uninterrupted operations of the airport. “The scope is to provide Deadman’s Cay International Airport with a new airport terminal design, redeveloped and extended runway and apron design, and a Crash Fire Rescue building (CFR) that can provide limited but comprehensive services to the Long Island community. “The Ministry of Tourism and Aviation is not eliminating the expansion of the existing terminal building from the scope, and

the design should include the most cost effective and efficient use of space and capital.” The RFP then added: “The design process must achieve a balance between the needs of the operational activities of the airport and must also fit the local environment, space constraints and estimated budgets that will likely be invested in this project. “The design should include standardised Airport Rescue Fire Fighter (ARFF) facilities that must, as a minimum, meet all Bahamas Schedule 21 and ICAO guidelines.” Mr Cooper yesterday said that Long Island received an “historic” 1,858 air arrivals during the first nine months of 2023, with visitor length of stays slightly ahead of the national average at 8.7 nights per person. Some 94 percent of tourists chose to stay in resorts, with 64 percent arriving via commercial flights and 32 percent by private plane.

PAGE 6, Friday, November 17, 2023

THE TRIBUNE

BPL hit by three-fold ordering time jump FROM PAGE B1 for transformers. That gives you an idea of the kind of timelines we are working with when we have to go to the international market and order equipment to facilitate the kind of infrastructure needed for a 210-room hotel.” Noting the multiple investments targeted at Long Island, including the $250m Calypso Cove cruise port, and Diamond Crystal Properties and Maritek Bahamas eco-tourism projects, Ms Seymour added that this could force BPL to relocate the island’s power station from the north as the centre of load demand will have shifted south should these developments come to fruition.

She said solar solutions, allied to battery energy storage (BESS), were now BPL’s first preference in meeting additional load demand. Revealing that it now costs BPL $1.5m for every additional Mega Watt (MW) of traditional generation demand that is added, Ms Seymour added that an extra 10-15 MW would likely be needed in Long Island if all three developments took off. While utility-scale solar is presently more expensive to install, costing $2m for every additional MW, Ms Seymour said “the longterm benefits outweigh the upfront capital costs” through reducing BPL’s fuel demand. Conceding that the utility is “cash-strapped”, BPL’s chief operating

officer argued that it “may” need an increase in its base tariff rate to achieve sustainability. “This is a touchy topic,” she admitted. “When I raised it in Exuma everyone kind of gave me the side eye. BPL has not had a tariff increase since 2010. We all know the cost of doing business has increased significantly since then, and we are not exception... “The Government has issued a Request for Proposal (RFP) for a tariff study that is currently ongoing. Nobody wants to hear about a rate increase, but in order for BPL to become a sustainable utility the base rate may have to increase. I did not say it will; it may have to increase for us to be able to afford the necessary upgrades that make us

a sustainable and efficient utility.” Ms Seymour spoke after Shevonn Cambridge, BPL’s chief executive, told last week’s Bahamas Institute of Chartered Accountants (BICA) conference that BPL has not had an increase to its base tariff since 2010, although it has seen a 100 percent increase in costs and up to 8 percent annual increase in demand over the past 13 years. He said: “BPL has not had a tariff increase since 2010. In those 13 years, inputs have gone up exponentially. The costs of transformers, engines, wiring etc. All have seen nearly a 100 percent increase in costs. At the same time, output has also grown substantially as I’ve told you. We’ve seen about

NOTICE

NOTICE is hereby given that NANITHE BIEN-AIME EMILE of Golden Isles Road, 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 17th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that TAMARA ST.HILAIRE MAGLOIRE, Yellow Elder, Graham Drive, Nassau, The Bahamas 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 10th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that YCHENAYDER ALEXANDRE of P. O. Box SS-19716, Wulff Road, 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 17th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that NATASHA TELUSNORD of P. O. Box SS-19716, Highbury Park, 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 17th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

a 2 percent on average growth over that period, with last year seeing a six to 8 percent growth. “So we’ve seen an increase in the cost of our inputs and an increase in demand on our output. At some point something has to give. Unfortunately, what tends to give in the absence of proper funding is the quality of service. We’re seeking not to have the quality of our service diminish, so we’re going to have to address that.” Mr Cambridge explained that BPL’s current base tariff leaves the utility “vastly underfunded”, and confirmed that a study is being conducted to obtain recommendations on how to adjust the levy in a way that is a “win-win” for BPL and its stakeholders. He said: “BPL’s tariff is the money we collect to fund our operation including capital development, maintenance and salaries. To be clear, the fuel and its associated costs, like transshipment to the Family Islands, is a direct pass through to our suppliers. BPL does not keep any of that money and there’s no

profit or anything in it for BPL. “The reality of it is that BPL’s current tariff leaves BPL vastly underfunded, and we’re looking to address that. Hopefully as the tariff study that’s currently being conducted comes to a completion, we will get some recommendations that we can do that in a way that is a win- win for all.” Mr Cambridge added that an increase in BPL’s base tariff rate will allow the utility to improve its efficiency and will not increase electricity bills significantly. He said: “Basically, that type of study is taking a holistic look at BPL’s rates and its impact on all stakeholders, whether that be the Government, as a utility or you as a consumer. “An increase in rates does not necessarily mean the customer bills would go up significantly. That increase will also allow us to fund many of the efficiency enhancement measures that we wish to undertake. And those efficiency enhancement measures we foresee allowing us to operate more efficiently.”

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NOTICE NOTICE is hereby given that MARIANA PRUDENCE VICTORLUBIN, #4 Hutchenson Street, Nassau, The Bahamas 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 10th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that VOSHOWN ROSE-MANIE FENELUS, Bruce Avenue, Freeport, Grand Bahama 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 10th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE

NOTICE is hereby given that JOSE ALBERTO POLONIA HERNANDEZ, South Beach, Nassau, The applying NOTICEBahamas is hereby given totha the Minister responsible MILTON MORNLES VASQUEZ, for South Nationality and for to Beach, Nassau, The Citizenship, Bahamas applying Registration Naturalization as the Minister responsible for Nationality and a citizen of The Bahamas, and Citizenship, for Registration Naturalization that any person who knows as a citizen The Bahamas, and tha any reasonof why registration/ any person who knows reason naturalization shouldanynot bewhy registration/naturalization not be granted, should send should a written signed statement thefact granted, should send aand written and signed statement of of the facts within twenty-eight days from the 9th 2023 day to of November within twenty-eight days from the 9th day of 2023 for tonationality the Minister responsible the November Minister responsible and Citizenship, P.O. Box for nationality and Citizenship, P.O. Box N-7147, N-7147, Nassau, New Providence, The Bahamas. Nassau, New Providence, The Bahamas.

NOTICE NOTICE

NOTICE is hereby given that MILTON MORNLES VASQUEZ, South Beach, Nassau, The Bahamas NOTICE is to hereby given tha applying the Minister responsible for NationalityPOLONIA and JOSE ALBERTO Citizenship, HERNANDEZ, for SouthRegistration/ Beach, Nassau Naturalization as a citizen of The Bahamas applying to the Ministe The Bahamas, and that any responsible for Nationality and Citizenship person who knows any reason for Registration Naturalization as a citizen why registration/naturalization of The Bahamas, and that any person should not be granted, should who knows any reasonand why registration send a written signed naturalization should not be granted,ofshould statement the send factsa written withinand signed statement of the factsthe within twenty-eight days from the 9t twenty-eight days from 17th day of November 2023 to the Minister responsible for nationality day of November 2023 to the Minister responsible for nationality and Citizenship, Box N-7147, Nassau, NewThe and Citizenship, P.O. P.O. Box N-7147, Nassau, New Providence, Providence, The Bahamas. Bahamas.

THE TRIBUNE

Friday, November 17, 2023, PAGE 7

TARGET

EES TN I XEC

XEC HOW many words of four letters or more can you make from the letters shown here? In making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. No plurals. Verb forms ending in “s” permitted.

TODAY’S TARGET Good 12; very good 18; excellent 23 (or more). Solution next Saturday.

TARGET MIGHTIEST eight emit gist gite heist hist item might MIGHTIEST mishit mist mite mitt semi shim sigh sight site smite smith theism theist this tight time tithe

PAGE 8, Friday, November 17, 2023

THE TRIBUNE