11212016 business by tribune242

MONDAY, NOVEMBER 21, 2016

business@tribunemedia.net

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Bran pledges ‘15% spend’ fiscal rule By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Democratic National Alliance’s (DNA) leader has pledged to introduce a ‘fiscal rule’ that would limit public spending increases to a maximum 15 per cent year-over-year, thereby preventing governments “running amok” with the taxpayer’s monies. Branville McCartney told Tribune Business that such a restriction would “certainly be put in place” by a DNA government, given the ongoing questions surrounding how the Christie administration is applying its Value-Added Tax (VAT) revenues. These concerns were sparked again after Michael Halkitis, minister of state for finance, said last week that the Government

DNA chief: Govt ‘can’t run amok’ with our money Fiscal Responsibility Act needed before VAT Asks why debt increasing with new tax implemented had collected $852 million in VAT receipts during the tax’s first 18 months in existence. While the gross figure will come as little surprise, Mr McCartney blasted that it reinforced the need for “more accountability and transparency” over how the public finances are See pg b8

Tax crackdown: Govt hits 6,000 businesses, 5,000 property owners By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government last night unveiled its promised crackdown on tax defaulters, promising to first pursue the largest, wealthiest delinquents - some 6,000 businesses and 5,000 highend property owners. The Ministry of Finance, See pg b9

Initiative to target largest, wealthiest defaulters Aims to ensure people ‘pay their fair share’ Trying to shift Bahamas to compliance culture

MP’s alarm over ‘sacred’ NIB funds in BOB bail-out By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The use of the Bahamian people’s “sacred” National Insurance Board (NIB) monies to bail out troubled Bank of the Bahamas has been challenged by an FNM MP, who is calling for policies governing the investment of public monies to be tightened. Loretta Butler-Turner told Tribune Business that regardless of whether NIB, the Public Treasury or a combination of both were used to take up the BISXlisted bank’s “entire” $40 million rights issue, it did See pg b10

Butler-Turner urges tightening of Govt investment policies

Loretta Butler-Turner

$4.14

Governor to ‘bridge gap’ between banks, web shops By NEILHARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Central Bank chief praises web shop monitor systems

The Central Bank’s governor has reaffirmed his commitment to “bridge the gap” between the commercial banking industry and web shop operators, and help ease his licensees’ compliance concerns. John Rolle praised the quality of the web shops’ electronic monitoring systems, suggesting they were good enough to facilitate the exchange of Know Your Customer (KYC) information on their clients with the banks. Speaking at a Friday press conference that was called to address

Ability to track winnings shows ‘how good’ they are Sees ‘opportunities’ for information exchange tie-up correspondent bank ‘de-risking’, and its impact on the Bahamas, he added that the ability of web shops to track client winnings showed “how good See pg b7

John Rolle

Correspondent ‘de-risk’ affects Bahamas banks ‘more than we thought’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The effects of correspondent bank ‘de-risking’ on the Bahamian financial services industry are “more extensive than first assessed”, the Central Bank has conceded, with 57 per cent of impacted institutions unable to find replacement relationships. The regulator, unveil-

ing its second survey on ‘de-risking’s’ local impacts, found that 14 of the 54 respondents (some 26 per cent) had lost at least one correspondent banking relationship within the past three years. While the numbers are not large in gross terms, the Central Bank said its August 2016 survey had produced “better coverage” of the banking, trust, credit union and money transmis-

sion industries than the first assessment in 2015. As a result, it pronounced: “The extent of the impact of de-risking in the Bahamas appears therefore to be more extensive than first assessed.” However, the Central Bank also cautioned: “While the withdrawal of correspondent banking relationships has gained some traction, it has not yet See pg b6

Central Bank: 57% unable to find new partners But not yet threat to financial sector stability Some 71% of licensees face extra comply hurdles

PAGE 2, Monday, November 21, 2016

THE TRIBUNE

Monday, November 21, 2016, PAGE 3

Governor: Data, privacy regimes may need reform By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas may have to reform its data and confidentiality regimes to mitigate the threat posed by the loss of correspondent banking relationships to the financial sector and wider economy, the Central Bank’s governor has warned. John Rolle suggested this nation may need to modify the laws and protections provided in this area to enable financial institutions to “pool”, and better share, client due diligence and Know Your Customer (KYC) details. He explained that a ‘shared’ KYC/due diligence database would reduce compliance costs and paperwork, particularly for smaller institutions, enabling them to become more competitive and survive. And, given that antimoney laundering and counterterror financing concerns were among the principle reasons why major global banks are terminating their relationships with counterparts in the Caribbean, Asia and Africa, Mr Rolle suggested that such a facility could ease these fears where the Bahamas is concerned. “The information sharing regime may need some attention,” the Central Bank governor said on Friday, suggesting that there could be “cost sharing” between institutions when it came to IT platforms used to monitor clients and their transactions. “Part of the suggestion is to look at reforms to the legal system so that the capture of customer identities, due diligence is shared between institutions and multiple jurisdictions,” he added. The suggestion for a shared customer KYC/due diligence database appears to have come from the private sector itself, with the idea specifically referenced in the Central Bank’s second correspondent banking

‘Pooled’ KYC, due diligence system advocated Move to strengthen correspondent ‘derisk’ defences Bahamians urged to provide full disclosure survey, the results of which were released last week (see other article on Page 1B). The regulator, having sought its licensees’ opinions on how to respond to correspondent bank ‘de-risking’ trends, said: “There were also some interesting proposals/suggestions that went a bit beyond the surface. “One suggestion is the establishment of a centralised electronic KYC system that would be accessible by all licensees and which, subject to the appropriate domestic legal provisions, would facilitate the exchange of information with parties both inside and outside the Bahamas.” Mr Rolle picked up on this proposal, adding that there could be “a focus on harmonising systems between Caribbean countries so smaller institutions can take advantage of a pooled system”. Such cross-border information sharing of client data would require strict confidentiality and data protection safeguards, given the Bahamian financial

services industry’s reliance on legitimate privacy. Acknowledging this, Mr Rolle said: “The legal system will come into play in reducing the level of derisking or allowing institutions to afford solutions to come into compliance. “The kind of investment banks need to put into an IT system to consider customer on-boarding, the setting up of new customer relationships, is a very expensive undertaking. It may mean looking at ways for how the regime of data protection and privacy is set up.” Mr Rolle said the Central Bank was working on multiple fronts to reduce the Bahamas’ exposure, and that of its financial institutions and wider economy, to the global correspondent banking ‘de-risking’ trend. He pointed, in particular, to the ongoing Bahamas’ National Risk Assessment (NRA), headed by the Attorney General’s Office with support from all financial services regulators, and which is designed to identify and solve gaps in this nation’s anti-money laundering and counter terror financing regime. “It’s really a comprehensive look at the Bahamas’ economy and systems to identify areas where activity could put the Bahamian financial system more at risk of being used for criminal purposes,” Mr Rolle said. “It will provide a template for more intensive work that will look to close vulnerability gaps.” Besides putting forward

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policy reform suggestions to the Government, and building capacity within the Central Bank and among industry compliance officers, Mr Rolle said the regulator was also “pursuing” its own areas for improvement - including written guidance notes issued to its licensees. It also intends to “reduce the exposure of financial transactions to being infiltrated by criminal elements” by pushing Bahamian businesses and consumers towards the electronic payments system. In particular, Mr Rolle said the Central Bank wanted businesses to “pivot away from relying on cash transactions and rely on electronic solutions”. The fact all their financial activities are now traceable would place businesses “into a lower category of risk profiling for the moni-

toring of suspicious activity”. Mr Rolle added that the Central Bank was also seeking “to promote more financial inclusion”, and “develop a system to provide the highest number of consumers with access to the formal banking system, so that they’re not engaging in transactions outside the system which criminal elements can infiltrate”. The Central Bank is also looking at applying international standard profiles to different forms of corporate entities, thereby matching businesses to their likely ‘money laundering risk profile’. “One of the important considerations is how we can have a sanctions regime if there are infractions, so that the Central Bank can enforce its regulatory requirements with a bit of

teeth as a consequence of deficiencies in a bank’s internal systems,” Mr Rolle said. The Central Bank’s focus is on strengthening the Bahamas’ defences against financial crime, given that one of the most frequentlycited reasons for terminating correspondent relationships is the perceived anti-money laundering/ counter terror financing risks present in this nation and others. Mr Rolle said Bahamasbased institutions were presently going through their files to ensure they had the necessary KYC details on each client. “That is an exercise that is very active in local banks,” he added. “Where the customer has not been forthcoming, the bank has tightened up on the See pg b8

PAGE 4, Monday, November 21, 2016

THE TRIBUNE

Contractors blast commercial banks

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Bahamian contractors have blasted “unfair” treatment by commercial banks, which has left them unable to obtain outstanding balances for completed work. Leonard Sands, the Bahmian Contractor’s Association’s (BCA) president, told Tribune Business the Association would seek to have the issue addressed before the Contractor’s Bill is passed into law.

Some 160 contractors attended a recent town hall meeting at BCPOU Hall to discuss the long-awaited legislation, where concerns focused on the sector’s treatment by the commercial banks. Mr Sands said: “This is a major concern. They feel that the banks are unfair towards them, and that they often allow the client to take advantage of the contractor by sneaking all kinds of extra stuff into the contract. “At the end of all of that, when the contractor would

have to come out of pocket to complete the contract, they still don’t allow the client to pay out the final balance. They are very sore about it, and they lose a lot of money. It causes a lot of contractors to go out of business.” Mr Sands added: “The banks are into big business, and they are the small guy, so understandably they feel powerless. “The Government has to look at how we are allowing big banks in our country to minimise the small guy. That is not fair. The question is: How do we give them a fair opportunity to complete their work and get paid properly.”

“The Bill doesn’t completely address the issue. We believe that the bank should treat us more fairly because we should be seen as professional, and not just some guy driving around in a truck,”he added. Contractors also expressed serious concern over the level of Bahamian participation in foreign direct investment (FDI) projects, with some suggesting there be a minimum threshold of at least 25 per cent set for local participation. “The Bill doesn’t address that, but maybe we can have the opportunity to address that before its passage in the Senate; that as a law, every FDI project has

Prevented from claiming final contract balance Sector wants 25% FDI project participation BCA chief mulls changes lobbying before Senate Mr Sands said the issue is one that the Association will seek to have addressed further before the Bill is passed into law.

UK Treasury chief: Brexit uncertainty could drag on economy

The Board of Directors of Fidelity Bank (Bahamas) Limited is pleased to notify all shareholders that a dividend of $0.20 per ordinary share has been declared to be paid on November 30, 2016 to all shareholders of record as of November 23, 2016.

LONDON (AP) — Britain’s economy could face a slowdown because of the uncertainty caused by the decision to leave the European Union, the government’s finance minister said Sunday. In an illustration of the conflicting forces at work, the Conservative government is facing pressure from dozens of its own lawmakers to make a decisive break with the EU, while a major business group insisted Sunday that Britain must retain access to the

bloc’s markets and skilled workforce. “We’re going to have an unprecedented level of uncertainty, and that’s one of the factors causing many commentators to predict that there will be a slowing of economic growth,” Chancellor of the Exchequer Philip Hammond said. Hammond, who will unveil the government’s first major spending plans since June’s EU membership referendum in a budget statement on Wednesday, told ITV television “there’s no point crying over” the uncertainty. “We just have to plan to accommodate it,” he said. Prime Minister Theresa May’s government has said it plans to trigger two years of formal exit talks with the EU by March 31, but insists it would be foolish to give away its negotiating position before then. The uncertainty has helped fuel economic jitters and driven down the value of the pound, amid claims that the government is deeply divided about how to approach Britain’s EU exit.

This week the Institute for Government, a nonpartisan think tank, said “a lack of clarity” within government “has caused distractions and delayed work on Brexit.” The EU has long been a divisive issue for the Conservatives, and May is being squeezed between politicians demanding she apply the brakes to Brexit and those who want her to hurry up and make a decisive split. Some 60 Conservative lawmakers urged May on Saturday to take Britain out of the EU’s customs union, which guarantees tariff-free trade within the bloc but imposes levies on goods from outside. They also want a guarantee Britain won’t stay in the European Economic Area, which gives non-EU members such as Iceland and Norway access to the bloc’s single market. The legislators, who back what has become known as “hard Brexit,” include former Cabinet ministers Michael Gove and Iain Duncan Smith. EU leaders insist Britain will have to leave the single market if it seeks to impose

COMMONWEALTH OF THE BAHAMAS

to have at least 25 per cent Bahamian participation,” Mr Sands said. “Whoever comes in, they will know off the top that while they may do 75 per cent of the work, at least 25 per cent has to be done by local contractors.” Mr Sands said that while the Contractors Bill does not address all of the issues affecting the industry, it is “a good first step”. “Does it do enough? It doesn’t do enough, but it is a very good first step. It’s like saying I’d rather have something as opposed to nothing at all. I think it can be improved and we can make it better,” he added. controls on immigration from EU nations — a red line for many supporters of Brexit. Many businesses, however, say losing access to the single market would be devastating, especially for Britain’s huge banking and financial services sector. Employers’ group the Confederation of British Industry said businesses need reassurance that the government is not seeking to cut Britain off from the EU. “Business needs to know we won’t close our borders to Europe’s talent, or lose our privileged access to Europe’s markets,” said CBI president Paul Drechsler in comments released ahead of a speech on Monday. “We’re not asking for a running commentary, but we are looking for clarity and — above all — a plan,” he said. Hammond said he did not believe the U.K. faces a “binary choice” between leaving the EU’s existing structures and staying in, but could “negotiate a bespoke arrangement that works for Britain and works for our European partners.” He urged fellow Conservatives to calm down and let the prime minister lead the exit talks.

CLE/qui/01247/2016

IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN IN THE MATTER OF all that piece Parcel or lot of land known as Lumber Cay situate approximately Seven Hundred (700) feet south of Staniel Cay containing Thirty (30) acres and all that piece Parcel or Lot of land known as Jim Cay containing Eight (8) acres situated North of Lansing Cay, between Musher and Hog Cay, Exuma, one of the Islands of the Commonwealth of the Bahamas. AND IN THE MATTER of Quieting Titles Act 1959 AND IN THE MATTER of the Petition of Gardie Richardson Nixon and Samuel Burrows _________________________________ NOTICE _________________________________ Notice is hereby given that Gardie Richardson Nixon and Samuel Burrows are applying to the Supreme Court of the Commonwealth of the Bahamas to have their title to the following investigated under Section 3 of the Quieting Titles Act 1959 and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act “ALL THAT piece parcel or lot of land known as Lumber Cay or Lot of land known as Lumber Cay situate approximately Seven Hundred (700) feet south of Staniel Cay containing Thirty (30) acres Exuma and all that piece or lot of land known as Jim Cay containing Eight (8) acres situated North of Lansing Cay , between Musher and Hog Cay, one of the islands or cays in the Commonwealth of the Bahamas”. A plan of the said land may be inspected during normal working hours at the following places: a) The Registry of the Supreme Court of Nassau, Bahamas. b.) The Chambers of Andrew C. Allen Law Chambers, #14 Caves Professional Centre, Nassau, The Bahamas. c.) The Administrator’s Office, Georgetown, Exuma, The Bahamas. Notice is hereby given that any person having a dower or right of dower or an adverse claim or a claim not recognized in the said Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a Statement of his Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of thirty (30) days after the final publication of these presents shall operate as a bar to such claims. Andrew C. Allen Chambers #14 Caves Professional Centre Caves Village Nassau, The Bahamas Attorneys for the Petitioners

THE TRIBUNE

Monday, November 21, 2016, PAGE 5

QC: Legalisation of web shops has defied the critics By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The web shop industry’s legalisastion has produced the opposite effect to the predictions of many critcs, a well-known QC has argued. Wayne Munroe QC said the sector’s regulation and taxation has limited the unchecked, haphazard expansion of gaming houses and operators. He added that further reductions in the number of industry players is likely, with their exit having less impact on consumers than in an unregulated market. Mr Munroe told Tribune Business that while some had suggested a regulated industry would only bring about the proliferation of

YOUR

Munroe: Taxation, regulation driving drop in locations, operators gaming houses, the evidence says otherwise. “It would appear that the regulation of web shops not only stopped the proliferation but is reducing the number of web shops, and it may likely reduce further,” he said. The people who opposed it on the grounds that they would increase have been proven wrong. “I could guarantee you that the business being regulated now, web shops are going out of business with less damage to the consumer. Before the legislation,

customers would have just shown up to a web shop and found the place shut down with no warning, and there was nothing they could do.” Eight gaming house operators were awarded conditional licenses last October. They included: FML Web Shop, A Sure Win, Chances Games, Paradise Games, Island Luck, Percy’s at the Island Game, Asue Draw + Spin, and Bahama Dreams. Asue Draw + Spin recently announced its closure, while Island Luck has acquired a majority 65 per cent stake in Bahama Dreams. Two earlier players, Fantasy and WhatFall, are also no longer operating. “Asue Draw recently said that they were going business. WhatFall is no longer in existence and they were a

fairly large player, and Fantasy is no longer in existence,” said Mr Munroe. “There were at least five or six persons who never made it to the point of getting a conditional license. Since that process, and conditions were issued, I believe that Bahama Dreams has amalgamated and Asue Draw has gone out of business. “It would appear that the regulation of web shops not only stopped the proliferation, but is reducing the number of web shop [chains], and it may likely reduce further.”

Wayne Munroe QC

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Correspondent ‘de-risk’ affects Bahamas banks ‘more than we thought’ From pg B1 reached a critical level to threaten the overall stability of the banking sector.” The first ‘de-risking’ survey found that just six licensees had suffered the termination of one correspondent banking relationship, with that number more than doubling in the August 2016 version. As a result, the Central Bank calculated that 16 per cent of its licensees have suffered the loss of a correspondent banking relationship - a significant, material number, even though 84 per cent have not. Of the 14 institutions to lose a relationship in the August 2016 survey, three

were commercial banks; another 10, international banks; and the final victim was a money transmission services provider. Of the 13 Bahamas-based banks, six were standalone institutions and seven subsidiaries of parent banks, indicating that correspondent ‘de-risking’ impacts are not confined just to the former. And the Central Bank survey revealed that the effects go far beyond just the loss of international banking relationships. “Licensees affected by the loss of a correspondent banking relationship seem to have found it difficult to find replacements,” the Central Bank survey said.

NOTICE BELMONT FUND MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) BELMONT FUND MANAGEMENT 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 17th November, 2016 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 21st day of November, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator

“In fact, of the licensees that have lost correspondent banking relationships, 57 per cent (or eight banks) have not been able to find replacement correspondent banks or alternative arrangements. “Where no replacements were found, the business line affected was able to be funnelled through existing relationships or the parent company.” Bahamian financial institutions are also being subjected to increased compliance demands from foreign correspondents in return for preserving these relationships. Some 71 per cent of Central Bank survey respondents said additional anti-money laundering (AML) and counter terror financing (CFT) requirements were imposed by their correspondents, which could ultimately further raise compliance costs and bureaucracy for Bahamasbased institutions, thereby undermining their competitiveness. “Where correspondent banking relationships were maintained, 71 per cent of the surveyed population advised that additional AML/ CFT requirements were imposed by their correspondent banker. These included requirements for Bahamian institutions to furnish the foreign banks with “additional procedures and policies” on their anti-money laun-

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dering and terror financing stance, and internal audit. Correspondent banks are also applying “more scrutiny” to transactions from the Bahamas and interviewing local banks’ compliance directors on areas such as Know Your Customer (KYC) and taking on clients; the identification of beneficial owners; and how they treat and monitor high risk clients. And it is not just the Bahamian financial services industry that is threatened by the global ‘de-risking’ trend. For correspondent bank ‘de-risking’ has potentially major ramifications for the wider Bahamian economy, given that this nation’s model is that of an international business and financial services provider, which also imports the majority of what it consumes. Bahamian banks rely on foreign correspondents, which are often major developed world banks, to clear foreign currency transactions and payments on behalf of their local clients. While the ‘de-risking’ impact has yet to truly bite, it could - if it becomes more widespread - threaten to cut off Bahamian banks and businesses from the international finance and commerce systems, undermining the economy’s very existence. “Careful management of these trends is warranted,” the Central Bank acknowledged, “given the important impact on local commercial banks, and stand-alone international banks. The collective initial impact is more extensive than first assessed in 2015.” The Central Bank indicated that the impact from correspondent ‘de-risking’ may be amplified by the

THE TRIBUNE

fact most Bahamian financial institutions rely on just a few such relationships. “Banks within this jurisdiction generally rely on a small number of correspondent banking relationships,” the survey said. “As such, evidence suggests that further declines in correspondent banking relationships could potentially pose significant threat to the jurisdiction, particularly with respect to the more vulnerable segments of our banking system (our indigenous banks and standalone international banks). “Of the entire surveyed population, 67 per cent (or 35 licensees) reported to have maintained one to four correspondent banking relationships (CBRs), compared to 11.54 per cent who maintained five to 10 CBRs, and 7.69 per cent who maintained over 10 CBR,” the Central Bank added. “This finding is indicative that banks within this jurisdiction generally rely on a small number of CBRs.” The Central Bank’s survey found that “the vast majority of licensees” had not suffered any actual dollar loss as a result of the termination of correspondent banking relationships. But it added: “However, some licensees have had to increase investments in automated transactions monitoring systems, and at least three remittance firms were impacted.” Seven institutions who suffered the termination of relationships said explanations were provided by their former correspondent, while three received no understanding. Those who received answers said the terminations were in line with global trends, as developed world

banks sought to reduce the perceived risk in handling correspondent relationships, based on a risk/ reward analysis set against the background of an everstricter international regulatory environment. “The rationale behind the loss of correspondent banking relationships appears to be consistent with views expressed by global banks in the international community, such as reduced risk appetite, strategic decisions and relatively small transaction sizes, leading to low profit margins,” the Central Bank said. “The responses suggest that correspondent banks have restructured their profit driving strategies, and have deemed the revenue earned too little to justify the risk/costs involved.” Continuing this theme, the Central Bank added: “When asked what the main drivers/causes of declining correspondent banking relationships in the Bahamas were, most licensees indicated that money laundering/terrorist financing concerns, and the overall risk appetite of foreign financial institutions, were what primarily led the charge. “This was followed by changes to the legal, regulatory and supervisory requirements that have implications for maintaining correspondent bank relationships (CBRs), and the apparent lack of profitability associated with certain foreign CBR services/ products. “Moreover, licensees indicated that the products most severely impacted by declining CBRs related to cash management services (deposit accounts, payable through accounts) and international wire transfers, in addition to draft clearing.”

NOTICE

LOYAL GREAT LIMITED

ZION MULTI INVESTMENTS LTD.

STRATHFIELD LIMITED

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

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

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

(a) STRATHFIELD 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 17th November, 2016 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 21st day of November, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

NOTICE

NEW YORK BLUE LIMITED

STRUNINO LIMITED

S-FAMILY LIMITED

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

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

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

(a) S-FAMILY 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 17th November, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is CST Administration (Bahamas) Ltd., The Bahamas Financial Centre, Shirley & Charlotte Street, 4th Floor, Nassau, Bahamas

Dated this 21st day of November, A. D. 2016

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

DAKAR MANAGEMENT LIMITED

LEONARDO LIMITED

BI PMC HOLDINGS LIMITED

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

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

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

(a) BI PMC 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 17th November, 2016 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

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 21st day of November, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

(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 21st day of November, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Monday, November 21, 2016, PAGE 7

Governor to ‘bridge gap’ between banks, web shops From pg B1 their systems are”. The Central Bank governor said this created the potential for integrating commercial bank and web shop IT platforms, so that the financial services industry could track and trace funds moving through the latter. “We’d like to bridge the gap in terms of business platforms between the two sectors, so we don’t have gaps in the movement of funds from that sector to the financial sector,” Mr Rolle said. He was responding after being asked by Tribune Business whether the increasing tendency of large global banks to terminate their correspondent relationships with institutions in the Bahamas and other countries would make it more difficult for the local commercial banking industry to accept web shop deposits. All Bahamas-based commercial banks, apart from the Government-owned Bank of the Bahamas, are refusing to do business with web shops, citing either their parent’s global policies or the ‘high risk’ nature that the sector poses. Web shop gaming opera-

tors have only recently been legalised, and have yet to receive their full licenses. Their previously unlawful status, and cash-intensive business nature, underpin the commercial banking industry’s concerns. Sectors that generate large volumes, and amounts, of cash are seen as being more vulnerable to abuse and exploitation by criminal elements for a variety of financial crimes, including money laundering. Given that perceived money laundering risks are one of the most frequently cited causes for global banks to terminate correspondent relationships with their Bahamian counterparts, this has only served to make local institutions even more wary about conducting business with the web shops. Yet such concerns, which are being exacerbated by global correspondent banking trends, are conspiring to defeat a key Government policy goal that was behind the decision to legalise, tax and regulate web shop gaming. This was to bring the industry out of the ‘informal’ economy into the formal sector and, most important-

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ly, to bring the multi-million dollar sums recycled by the web shops into the proper banking and financial system. The reluctance of Bahamian commercial banks to accept web shop business is thus defeating this objective. And it is also impacting a key element of the Central Bank’s defence strategy against correspondent relationship terminations. Mr Rolle said the Central Bank was seeking to promote the increased use of electronic payments, so that companies could “pivot” away from reliance on cashbased transactions. He added that the regulator was also “trying to promote more financial inclusion”. This, the Governor explained, was intended “to provide the highest number of customers with access to the formal banking system”. With the web shops almost totally excluded, that

goal is not being met. Mr Rolle emphasised that the prevalence of web shop gaming in this nation “is not the reason why the Bahamas is experiencing the level of de-risking that it is now”. However, he acknowledged that commercial banks tended to perceive industries and businesses that typically generated “high value cash” transactions - such as web shops - of being a greater risk in terms of money laundering and other financial abuses. “It could cause financial institutions not to want to take on that type of business,” the Central Bank governor acknowledged. He also pointed to the global policies of the three Canadian-owned banks - Royal Bank of Canada (RBC), CIBC FirstCaribbean and Scotiabank - not to accept monies derived from casinos or any form of

gaming (including the Internet). Several sources, though, have suggested that these policies have been ‘waived’ in the Bahamas when it comes to accepting deposits from Atlantis and other local casinos. This has led to claims that the commercial banks are discriminating against Bahamian-owned businesses, and calls for the web shop industry to establish their own bank or credit union. Wayne Munroe QC was the latest to make this argument last week. Still, Mr Rolle indicated that the Central Bank is focused on bringing the commercial bank and web shop industries together, largely through increasing the former’s understanding of the KYC and due diligence systems employed by local gaming houses. “We see opportunities in the Bahamas, given the

quality of operations in the web shops and quality of electronic monitoring of the web shops, for a framework for the exchange of information from the web shop industry so we can audit and track transactions,” Mr Rolle said. “This is so financial institutions that bank these operations can trace fully the source of funds from them.” Mr Rolle added that it was “possible to have tracing and auditing of the winnings” earned by individual Bahamians from their web shop gaming activities. He said these winnings were already being deposited by these persons in their accounts with commercial banks. “There can be, with a little bit of tweaking, an audit trail from the operator to follow these winnings,” the Governor said. “This is how good the systems are in web shops.”

NOTICE

TOP FAST ENTERPRISES LIMITED

ZHI XIN INVESTMENTS LIMITED

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

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

(a) ZHI XIN INVESTMENTS 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 17th November, 2016 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 21st day of November, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

NOTICE

BANYAN SUKA LIMITED

GOAL GAIN INVESTMENTS LIMITED

NORTHERN STAR HOLDINGS LIMITED

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

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

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

(a) NORTHERN STAR 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 17th November, 2016 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 21st day of November, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

NOTICE

COLOUR APEX LIMITED

RENOWN CITY LIMITED

O&G GLOBAL LIMITED

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

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

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

(a) O&G GLOBAL 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 17th November, 2016 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 21st day of November, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

NOTICE

O&G GLOBAL LIMITED

JARLBURG LIMITED

DAWLISH HOLDINGS LIMITED

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

(a) O&G GLOBAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

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

(a) DAWLISH 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 17th November, 2016 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

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 21st day of November, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

PAGE 8, Monday, November 21, 2016

Governor: Bran pledges ‘15% Data, privacy spend’ fiscal rule regimes may From pg B1 Still, Mr McCartney’s comments again highlight need reform managed. the Christie administraFrom pg B3

relationship, or sent notice to them to do business with another institution.” Mr Rolle said it was vital for Bahamian institutions to understand the source of each customer’s earnings and wealth, given that they were effectively acting as a correspondent bank’s ‘agent’ in conducting KYC due diligence - and could be called upon to provide such details at a moment’s notice. Pointing out that confidentiality does not “trump” the law where suspected financial crime is concerned, Mr Rolle said: “Confidentiality is not the same as meaning you don’t have to provide your bank with all the disclosure that it needs. “Some of that disclosure allows your bank to facilitate payments abroad on your behalf. If someone in that chain asks questions, and your bank is unable to answer them satisfactorily, your payment might not move through those channels.” While the Bahamas has yet to be impacted by correspondent banking ‘derisking’ to anywhere near the extent Belize has, Mr Rolle said the loss of such relationships could impact the clearance of Bahamian credit card payments, and transfers abroad for the likes of medical services and tuition fees.

Agreeing that the Bahamas should have implemented a Fiscal Responsibility Act before VAT was introduced on New Year’s Day 2015, the DNA leader reiterated his calls for the Christie administration to also bring forward the longawaited Freedom of Information Act. “I’ve spoken about putting in restrictions, putting in provisions that cause the Government not to budget more than 15 per cent of what they spent in the previous fiscal year,” Mr McCartney told Tribune Business. “Under a Fiscal Responsibility Act, this is what we will do. We have to have guidelines and restrictions. The Government cannot run amok with the people’s money. This is something we need to have in place. That is something we will certainly put in place when we become the Government within the next six months.” Many observers will likely question the DNA’s chances of becoming the next government, and the ‘15 per cent year-over-year’ spending restriction does not represent the greatest check. Based on the 20162017 fiscal year’s $1.7 billion in recurrent spending, such a ‘restriction’ would still allow an administration to increase expenditure by $258 million.

tion’s failure to deliver on its public promise of Fiscal Responsibility Act consultation. The Prime Minister, in his February 2015 mid-year Budget debate, committed the Government to producing a ‘white paper’ that would launch public consultation on whether the Bahamas should introduce its own version of a Fiscal Responsibility Act. This ‘white paper’ was supposed to have been issued in summer 2015, with Mr Christie setting out a timetable that involved recommendations going to Cabinet on whether such legislation was appropriate by year-end 2015. None of these steps has occurred, and no ‘white paper’ has been issued, despite a Fiscal Responsibility Act having been “number one on the list” of priorities when the private sector’s Coalition for Taxation Reform agreed in late 2014 to a broad-based, low rate 7.5 per cent VAT. Several private sector executives have subsequently told Tribune Business that the Coalition’s mistake was to agree to VAT without pinning the Government down on a Fiscal Responsibility Act, and that it should have conditioned acceptance of the new tax on such legislation being implemented. A Fiscal Responsibility

Branville McCartney

Act would force the Government to be more accountable and transparent in the management of the public finances, and require it to return to Parliament for approval to raise more money if it had to exceed the limits approved in the annual Budget. Several observers have suggested that this Act should set fiscal targets and so-called ‘rules’, such as a maximum debt-to-GDP ratio the Government cannot exceed, but others have warned that this would lock or ‘box in’ the administration such that it would not be able to effectively respond to emergencies, such as Hurricane Matthew. Mr McCartney, meanwhile, questioned how the Bahamas’ national debt was still increasing despite the $852 million in extra VAT revenues - especially since the rationale for introducing the new tax was to eliminate the annual fis-

cal deficits, and start paying down the debt. “It’s almost $1 billion that they’ve collected in VAT, yet government debt continues to rise,” the DNA leader told Tribune Business. “The question is: Where is our money going? Our government has been completely silent on it. “When they first introduced VAT, they said the essence of the tax is to reduce our debt. That has not happened. This is a prime example of why we need more accountability and transparency. “We should have had a Fiscal Responsibility Act in place a long time ago. Prior to the introduction of a VAT system, we should also have had a Freedom of Information Act that was operative.” Pointing to the key VAT advice received by the Government and private sector from New Zealand-based consultants, Mr McCartney said that nation had enacted both these laws as a central element of wider government and fiscal reforms. Mr Halkitis has argued in the past that the Government’s use of VAT revenues has been misunderstood, with the monies going into the Consolidated Fund to meet all manner of expenses, and cover shortfalls that were producing $300-$600 million annual deficits. Yet while the deficits have reduced, they are still being incurred, and the $150 million in Matthew relief funding has already ‘blown’ the Government’s projected $100 million defi-

THE TRIBUNE cit for the 2016-2017 fiscal year. The Government is projecting that the GFS fiscal deficit will be eliminated by the 2018-2019 fiscal year, but this appears optimistic given that its consolidation efforts are proceeding at a more modest pace than forecast. And, notwithstanding VAT’s implementation, the national debt has continued to grow throughout this administration’s tenure - albeit at a slower pace in recent years. At end-June 2016, Central Bank data pegged it at $6.695 billion or 74.9 per cent of GDP - a ratio in excess of the so-called 70 per cent debt-to-GDP ‘danger threshold’ established by the International Monetary Fund (IMF). Mr McCartney, though, argued that the Bahamian people were being left to “speculate” on how the Government is using taxpayer monies “because of the lack of transparency”. “I would have thought that leading up to VAT’s introduction this government would want to be accountable and show it’s working to reduce our debt,” the DNA leader told Tribune Business. “Like everything else this government has done, they have not responded to the Bahamian people’s concerns. They feel it’s not our business, when it is; they feel they don’t need to answer to the Bahamian people. I’m very dismayed in their approach in this regard. It’s going to backfire in the next six months.”

THE TRIBUNE

Monday, November 21, 2016, PAGE 9

Tax crackdown: Govt hits 6,000 businesses, 5,000 property owners From pg B1

in a statement, delivered an unwelcome early Christmas present for some, as it pledged to go after the 600 businesses “with the largest apparent discrepancies” between their Business License payments and ValueAdded Tax (VAT) filings. Noting that these represented 5 per cent of all licensed Bahamas-based businesses, the Ministry of Finance said it will also “courier” demands for extra real property tax payments to 5,000 homeowners in wealthy and upper middle class communities. The courier notices, which will be sent to both the businesses and property owners, are due to be issued from today, as the Government targets those it believes are “not paying their fair share of taxes”. The Ministry of Finance statement added that the compliance/enforcement drive is designed to “level the playing field” for tax compliant businesses, thereby upholding the fairness and equity of the tax system while eliminating any competitive advantage gained by tax delinquents. Simon Wilson, the Ministry’s financial secretary, said in a statement: “Today we are demonstrating our commitment to take compliance with tax and Customs laws seriously. “We believe this initiative is key to shift the paradigm toward a country where businesses and residents take their tax obligations seriously, and understand that we are committed to compliance and – where necessary - enforcement.” He added: “Our new revenue management approach affords us the opportunity to analyse and conduct taxation assessments based on data provided by businesses and residents. This process will assist us in identifying businesses and individuals who have not paid their fair share of taxes, and create an opportunity to collect those outstanding taxes. “We will work with stakeholders throughout to ensure that we are operating in a transparent manner as we undertake this urgent work, and have already begun these consultations.” The initiative, at least in concept, is likely to be applauded by groups such as the Organisation for Responsible Governance (ORG) and Bahamas Chamber of Commerce and Employers Confederation (BCCEC), who have long called on the Government to undertake greater efforts to collect all revenues due to it. Indeed, all tax compliant businesses and taxpayers are likely to support such an effort in principle, given that it promises to relieve the increasing burden placed on those who pay their taxes and fees in full, and on time. The Auditor General has consistently revealed over the past several years the failures of various government agencies and departments to collect the Gov-

ernment’s revenues, and many will now wait to see whether the execution is as good as the idea. Many observers are likely to be sceptical as to whether those taxpayers with the right family and political connections will escape the enforcement net. And the Christie administration is taking something of a political risk with the timing of this initiative, given that Christmas is looming and, more importantly, a general election is on the horizon within six months. Some are likely to interpret the timing as an indication of just how deep the Government’s own fiscal and financial problems are, and its desperation to collect every available cent of revenue due to it. Tribune Business has heard constant speculation in recent weeks of deeprooted cash flow problems being experienced by the Government and Public Treasury, although no proof has been provided. The Government’s difficulties are likely to have increased as a result of the $600 million repair bill, some $200 million of which was not covered by insurance, and the revenue and economic losses, stemming from Hurricane Matthew. It has already undertaken $150 million in extra borrowing, and the Ministry of Finance alluded last night to the problems caused by the Category Four storm. “The prospects to reduce leakage of government revenue through the work of the Revenue Enhancement project comes at a time when the country is challenged to rebuild national infrastructure and provide much-needed assistance to the many residents whose homes and businesses were destroyed or extensively damaged by the impact of Hurricane Matthew,” it added. The project will initially focus on VAT, real property tax, Business License fees and Customs-related taxes and fees. The Ministry of Finance said: “Analysis reveals that many businesses have a discrepancy between their VAT revenue filing, their Business License filing and, in some cases, their Customs Duty filings. “As early as November 21, 2016, roughly 600 businesses with the largest apparent discrepancies in their reporting will be couriered notices explaining the discrepancy, and asked for payment or clarification of the amount. These taxpayers represent roughly 5 per cent of the licensed businesses in the country.” As for real property tax, the Ministry added: “Analysis of real property tax assessments reveals that a substantial number of property owners in the Bahamas are under-paying their true tax liability, either because the valuations are out of date, the properties are misclassified, or they are unregistered en-

NOTICE TO SAFFRON HILL PROPERTY OWNERS THIS NOTICE is to advise all property owners in Saffron Hill Subdivision that the Annual General Meeting will be held at 6:00pm on Thursday, 8th December 2016 at the Clubhouse, Saffron Hill. In the event a property owner is unable to attend the Annual General Meeting, they are asked to send an email to saffronhillpoa@ gmail.com and request a Proxy letter in relation to their vote. Members are reminded that they must be in good standing to be eligible to vote.

tirely. “In the very near future, the Ministry will courier communications to 5,000 property owners, requesting payment of their additional property tax assessments together with their regular tax bill. These properties are in higher value or upper middle class communities. The value of these properties will be reassessed, if they were not assessed, during the last five years.” “In the coming weeks, another round of notifications will be issued to owners of properties that are either not registered for property tax, or misclassified. An example of a misclassification is a business property (a store) that is classified as residential.” The Ministry pledged that the Inland Revenue Department would work with targeted taxpayers whose homes had been impacted by Hurricane Matthew. The Ministry added that new Customs procedures were being created, and new container examination procedures implemented. “Those that reveal material discrepancies between actual content and what is declared will result in the importer of the goods paying the proper Customs duty, as well as a fine for under-reporting, where the misreporting was substantial,” it said. “Finally, another work stream will involve the completion of VAT and Customs post-clearance audits. This activity involves conducting audits of businesses that analysis suggest may be inaccurately reporting on their VAT, Business License and/or Customs Duty filings.” The Ministry is thus making good on promises last week by Michael Halkitis, minister of state for finance, who said the Government expected to generate an additional $40 million-$80 million in revenue from the initiative. Mr Wilson said: “All taxpayers selected for further verification or audit have been identified objectively through risk-based data analysis - not subjectively or at random. “We remain firmly committed to ensure fairness, compliance and revenue growth. The project team, which comprises a seasoned group of employees of the Government of the Bahamas, supported by external technical expertise, is working tirelessly to ensure that we can effectively implement this vital aspect of our revenue management plan.”

Call 502-2394 to advertise

PAGE 10, Monday, November 21, 2016

MP’s alarm over ‘sacred’ NIB funds in BOB bail-out From pg B1 not represent a good investment of the people’s monies. The Long Island MP said she was especially troubled at NIB’s potential role, given that its $1.6 billion reserve fund was supposed to provide short and long-term financial benefits (including pensions) for the Bahamian people. “NIB is the social safety net for Bahamians, and it’s supposed to have an investment portfolio that yields returns for the stability of the fund,” Mrs Butler-Turner told Tribune Business. “With Bank of the Bahamas’ performance, it’s not a good investment for the NIB Fund. NIB funds are supposed to be sacred protection for the future, especially those pensioners. Nor is it a good investment of

Public Treasury funds. “We need to now have some policy positions on how Bahamian funds are invested; NIB, everybody. We know that if the contributions of the workers are not going up, there will not be a fund in 15-30 years to sustain pension contributions today.” Bank of the Bahamas’ disclosures to-date have failed to identify the source of the $40 million, although most observers suspect all - and at least the majority - came from NIB, given the Public Treasury’s cashstrapped state. The Government, through NIB and the Public Treasury, is now a 79 per cent majority shareholder in a bank that has lost more than $120 million in just over three years. NIB’s financials have revealed that it has taken

a more than $27 million hit over the past two years $2014 and 2015) on its Bank of the Bahamas investment, with Mrs Butler Turner echoing those who have described the rights issue as another “bail out” of the latter. However, some, including Dionisio D’Aguilar, the FNM candidate for Montagu, have argued that the Government has little choice other than to stand behind Bank of the Bahamas. They believe the bank is “too big to fail”, and that its collapse would drag down an already-struggling Bahamian economy, along with thousands of Bahamian depositors (including the Government and web shops). Meanwhile, Mrs ButlerTurner, who revealed that she was one of Bank of the Bahamas’ 3,000 minority investors, suggested she would use the bank’s travails - and use of the Bahamian people’s monies - to

“flip the script” on the Government when the House of Assembly resumes today. She said the governing party plans to call for a select committee to investigate the Bahamas Telecommunications Company (BTC) privatisation that took place in 2011 under the former Ingraham administration. Its Christie government successor has accused the FNM government of effectively ‘giving away’ BTC for little to nothing, given that the deficit in the company’s now-closed original pension fund has ballooned to $90-plus million and has to be filled by the taxpayer. While this ignores the fact that BTC’s privatisation was an essential step to communications market liberalisation, a better deal for consumers and ending the Government’s ‘conflicts of interest’, Mrs ButlerTurner accused the Christie administration of using the issue to distract attention from its woes and “shift the

THE TRIBUNE

national conversation”. The Long Island MP revealed that she planned to counter by using Bank of the Bahamas, and by contrasting the FNM’s efforts to develop a ‘shareholder economy’ with the PLP’s economic management strategy. “I’m probably going to have to look at the whole methodology of how they’ve done business,” Mrs Butler-Turner told Tribune Business. “We had actually turned Bank of the Bahamas into a shareholding bank for Bahamians, and what we’ve seen over recent years is that the value of those shares has not produced anything for the investors. With the Government doing this bail-out, it’s become a cash transfer station.” The Government is seeking to sell HoldingCo, the company that owns a 51.75 per cent majority interest in the new mobile operator, Aliv, but Mrs Butler-Turner contrasted this with its fail-

ure to follow through on the Ingraham administration’s plans to sell a 9 per cent equity stake in BTC to Bahamian investors. “The PLP, their interest is not so much in empowering Bahamians and allow them to earn profits on their investments, but to look after the few and make them better off,” the Long Island MP charged. Mrs Butler-Turner said the former Ingraham administration had sought to create “a shareholder society, so Bahamians could earn greater returns on their investments as opposed to having funds sitting as static savings in deposit accounts”. As evidence, she pointed to the initial public offerings (IPOs) of Commonwealth Brewery and Arawak Port Development Company (APD), the last two that occurred in the Bahamian capital markets.

Obama, Putin discuss Syria and Ukraine at summit in Peru LIMA, Peru (AP) — President Barack Obama spoke briefly with Russian President Vladimir Putin about Syria and Ukraine on Sunday as an economic summit got under way in Peru, in their first known

conversation since Donald Trump was elected the next U.S. president. The two leaders were seen chatting at the start of the opening session of the Asia-Pacific Economic Cooperation summit in Lima.

NOTICE

They stood off to the side together momentarily with aides close by before shaking hands and then taking their seats around a table. The White House said the conversation lasted four minutes. Although reporters pre-

sent couldn’t hear what they said, the White House said Obama encouraged Putin to uphold his country’s commitments under the Minsk deal aimed at ending the Ukraine conflict. Both the White House and the Kremlin said the

Legal Notice

NOTICE is hereby given that GARY EDMOND of Gladstone Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

OFFSHORE INDUSTRIALS LIMITED In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). OFFSHORE INDUSTRIALS LIMITED, is in Dissolution.”

PUBLIC NOTICE

The date of commencement of dissolution is the 17th day of November, 2016.

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MISHEA HELENE JOHNSON of Johnsons Street, Staniard Creek, Andros, Bahamas intend to change my name to MIESHA HELENA JOHNSON. 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 the publication of this notice.

Sally Louise Ozanne of Fiman House, St. George’s Place, St. Peter Port, Guernsey, GY1 2BH Liquidator

MARKET REPORT FRIDAY, 18 NOVEMBER 2016

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN

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

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

LAST CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.60 8.50 5.83 10.50 13.98 2.22 1.55 5.82 8.78 9.90 8.50 6.61 11.93 10.00

CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.60 8.50 5.83 10.49 13.98 2.22 1.55 5.82 8.78 10.74 8.50 6.61 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.84 0.00 0.00 0.00 0.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

110.98 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

110.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

E J K L M N

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

52WK LOW 100.00 100.00 100.00

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

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

VOLUME

1,000 3,875

3,012

VOLUME

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

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

P/E 13.4 11.7 8.4 15.9 N/M N/M 30.3 15.4 11.5 19.4 26.5 23.6 9.3 11.4 14.3 11.2 13.1 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.36% 2.70% 2.58% 4.12% 3.13% 0.00% 3.29% 1.82% 5.36% 0.00%

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

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

MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

NAV 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57

YTD% 12 MTH% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%

NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016

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

CLE/qui/01247/2016

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

BISX LISTED & TRADED SECURITIES 52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 13.05 2.18 1.31 5.60 6.60 8.56 6.12 6.23 11.81 10.00

fere in the election, including by hacking into Democratic Party email systems. Obama has raised concerns directly to Putin ahead of the election about Russian hacking, and the U.S. also registered complaints through a hotline set up to avert accidental nuclear war. Throughout the campaign, the Kremlin insisted that it had no favorites and rejected the claims of interference in the U.S. election. The meeting came as Obama, on the last day of his final overseas tour as president, sought to reassure world leaders gathered in Peru that their longstanding ties with the U.S. wouldn’t falter under Trump. Sitting down with Prime Minister Malcolm Turnbull of Australia, Obama said he assured Turnbull that the alliance between their countries would remain as strong as ever. Turnbull said he and Obama were of the mind on trade — an issue Trump sees quite differently. Still, he added that Australia wanted the U.S. to succeed under Trump.

COMMONWEALTH OF THE BAHAMAS

BISX ALL SHARE INDEX: CLOSE 1,935.51 | CHG 9.36 | %CHG 0.49 | YTD 111.56 | YTD% 6.12 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.28 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.00 11.00 8.50 6.90 12.25 11.00

leaders had agreed that U.S. Secretary of State John Kerry and Russian Foreign minister Sergei Lavrov should keep working throughout Obama’s final months on initiatives lower violence in Syria and alleviate suffering. The short interaction came amid intense speculation and concern about whether Trump’s election might herald a more conciliatory U.S. approach to Russia. Under Obama, the U.S. has enacted severe sanctions on Russia over its aggressive behavior in Ukraine and has sought unsuccessfully to persuade Moscow to stop intervening in Syria’s civil war to help prop up Syrian President Bashar Assad. Trump and Putin have already signaled they may pursue a less antagonistic relationship after Trump takes office in January. In a phone call shortly after Trump was elected, Putin congratulated him and expressed readiness for a “partner-like dialogue,” the Kremlin said. In the run-up to the election, the U.S. also accused Russia of trying to inter-

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

IN THE MATTER OF all that piece Parcel or lot of land known as Lumber Cay situate approximately Seven Hundred (700) feet south of Staniel Cay containing Thirty (30) acres and all that piece Parcel or Lot of land known as Jim Cay containing Eight (8) acres situated North of Lansing Cay, between Musher and Hog Cay, Exuma, one of the Islands of the Commonwealth of the Bahamas. AND IN THE MATTER of Quieting Titles Act 1959 AND IN THE MATTER of the Petition of Gardie Richardson Nixon and Samuel Burrows _________________________________ NOTICE _________________________________ Notice is hereby given that Gardie Richardson Nixon and Samuel Burrows are applying to the Supreme Court of the Commonwealth of the Bahamas to have their title to the following investigated under Section 3 of the Quieting Titles Act 1959 and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act “ALL THAT piece parcel or lot of land known as Lumber Cay or Lot of land known as Lumber Cay situate approximately Seven Hundred (700) feet south of Staniel Cay containing Thirty (30) acres Exuma and all that piece or lot of land known as Jim Cay containing Eight (8) acres situated North of Lansing Cay , between Musher and Hog Cay, one of the islands or cays in the Commonwealth of the Bahamas”. A plan of the said land may be inspected during normal working hours at the following places: a) The Registry of the Supreme Court of Nassau, Bahamas. b.) The Chambers of Andrew C. Allen Law Chambers, #14 Caves Professional Centre, Nassau, The Bahamas. c.) The Administrator’s Office, Georgetown, Exuma, The Bahamas. Notice is hereby given that any person having a dower or right of dower or an adverse claim or a claim not recognized in the said Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a Statement of his Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of thirty (30) days after the final publication of these presents shall operate as a bar to such claims. Andrew C. Allen Chambers #14 Caves Professional Centre Caves Village Nassau, The Bahamas Attorneys for the Petitioners

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

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Monday, November 21, 2016, PAGE 11

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