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THURSDAY, DECEMBER 7, 2023
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Whistleblower secretly taped broker meetings By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN whistleblower secretly recorded an executive meeting at a now-defunct Nassau broker/ dealer whose principal continues to battle US federal regulators in the Florida courts. Legal filings obtained by Tribune Business reveal how Philip Dorsett, ex-chief compliance officer at Guy Gentile’s Swiss America Securities, which subsequently operated under the names SureTrader and Mintbroker International, was covertly providing critical evidence to the Securities & Exchange Commission (SEC) to aid its case against his former employer and boss. An e-mail chain covering the first two weeks in April 2016, which was filed with the south Florida federal district court, discloses how Mr Dorsett provided the US capital markets regulator with “files” for American clients who had seemingly failed to sign an agreement confirming they
t (BWF 4&$ LFZ FWJEFODF BHBJOTU (VZ (FOUJMF T mSN t 'PVOE 64 DMJFOU AmMFT MBDLJOH OPO TPMJDJUBUJPO XBJWFS t #VU VSHFE JU UP QSPUFDU IJN WJB 4FDVSJUJFT $PNNJTTJPO were not solicited as customers by Swiss America and Mr Gentile. Such documents are likely critical to the SEC’s lawsuit against Mr Gentile and his former Bahamian broker/ dealer, as the crux of its complaint is that they violated US securities laws by actively soliciting American clients while failing to register with it
as a broker/ dealer as required by law. The e-mail exchanges between Mr Dorsett and Sajjad Matin, a Floridabased member of the SEC’s GUY GENTILE enforcement division, also show the two corresponding over when they could talk on the phone without arousing suspicions or alerting Mr Gentile and Sure Trader to what was afoot. The latest revelations in Mr Gentile and Mintbroker’s more than two-and-a-half year court fight with the SEC comes as their battle heats up once again. The former Mintbroker chief, whose business was located in Bay Street’s Elizabeth on Bay Plaza, in his November 30, 2023, legal filings is renewing demands the
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Accountants urged one-year Business Licence audit delay By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN accountants had urged the Government to delay the Business Licence audit requirement for firms with an annual turnover of $5m or more by one year, it was revealed last night. Pretino P. Albury, the Bahamas Institute of Chartered Accountants (BICA) president, in a statement sent to Tribune Business said the body and its members called for implementation to be pushed back to ease “the burden on businesses that are not audit-ready”. While the Government has not agreed to a year’s deferral, this newspaper
revealed earlier this week that it will give companies until end-April 2024 to submit their audited financial statements. And, once they apply and it is justified, a further two-month extension will be given until end-June 2024. However, once that deadline has passed, potential sanctions and penalties may be enforced. “While we understand the Government’s objectives in implementing the new audit requirements, we advocate for a pragmatic approach that considers the challenges faced by businesses,” Mr Albury said. “Our proposal for a one-year delay is aimed at ensuring a smoother transition without adversely
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Out Islands 115MW bid launch ‘fantastic’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ABACO’S Chamber of Commerce president yesterday hailed the launch of a bidding process for Out Island microgrid, renewable and clean fuel generation as “fantastic”, adding: “I can’t wait for it to start.” Daphne DegregoryMiaoulis told Tribune Business that “this is the direction all small island nations must be going 100 percent towards” after the Government unveiled the formal Request for Proposal (RFP) launch in the House of Assembly.
DAPHNE DEGREGORY-MIAOULIS Jobeth Coleby-Davis, minister of transport and energy, disclosed that the Davis administration is seeking bids from
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Construction’s fears on ‘bread and butter’ t #VU OFX QFSNJUT WBMVF VQ PWFS N JO 2 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president has voiced fears that construction’s “bread and butter” will be undermined if the declining trend in mortgage loan approvals persists. Leonard Sands, speaking ahead of yesterday’s release that showed the value of new construction permits issued during the 2023 third quarter rose by more than $100m year-over-year, said increased resistance” among banks and other lenders to financing new residential home construction represents a growing threat to the “livelihoods” of many contractors. Emphasising that he was not seeking to be alarmist, he nevertheless told Tribune Business that the trends in the latest Central Bank lending conditions survey - showing mortgage loan approvals have slumped to their lowest
LEONARD SANDS level in four-and-a-half years - would inevitably lead to reduced work for the many Bahamian contractors whose main source of income is residential construction. “We long have had the concern that The Bahamas is becoming a jurisdiction whose customer base is continuing to decline because the risk identifier caused the lending institutions here to not be so eager to finance construction projects,” Mr Sands explained.
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PAGE 2, Thursday, December 7, 2023
THE TRIBUNE
Further reforms ‘will ensure we are off’ EU and OECD blacklists By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS has been forced to change its economic substance reporting laws twice within a year “to ensure that we are off” the OECD and EU blacklists, the Prime Minister said yesterday. Philip Davis KC, leading-off House of Assembly debate on the Commercial Entities (Substance Requirements) (Amendment) Bill 2023 and the Register of Beneficial Ownership (Amendment) Bill 2023, said the reforms are a response to the latest “hard” recommendation made by the Organisation of Economic Co-Operation and Development’s (OECD) forum on harmful tax practices.
PHILIP DAVIS KC The OECD forum, while rating The Bahamas’ economic substance regime as ‘not harmful’ in its October 2023 review, urged this nation to bring its exchanges of information with other jurisdictions up to “the standard” required by the initiative. This, Mr Davis said, is what is driving the latest reforms to the
economic substance reporting legislation. He explained that this will not only ensure The Bahamas remains compliant with the OECD’s demands, but is also critical to the country’s prospects of escaping the European Union’s (EU) blacklist of nations considered non-cooperative for tax purposes when the 27-nation bloc next meets to review that initiative in February 2024. The EU largely takes its cue from the OECD’s forum, given that both bodies’ tax and “economic substance” initiatives overlap to some extent, so fully embracing and adopting latter’s recommendation is also vital to a favourable review from the European bloc. Mr Davis said complying with the OECD’s directive
also requires changes to The Bahamas’ Register of Beneficial Ownership Act and regime. The thrust of the OECD recommendation is that both portals - the one for economic substance, and other for beneficial ownership registration - need to interface with one another to achieve the desired exchange of information standard. Acknowledging that questions will be asked over why The Bahamas needs to again amend its economic substance reporting regime, given that previous changes were enacted just months ago, the Prime Minister explained: “Earlier this year, after several months of work, The Bahamas underwent a preliminary assessment by the [OECD] forum on harmful tax practices.
FOSTERING HUMAN INNOVATION KEY TO DIGITAL TRANSFORMATION
I
n the ever-evolving landscape of digital transformation, it is easy to get swept up in the wave of technological advances. However, amid the algorithms and automation, the human element remains an integral factor for success. Building a culture of innovation is not just about implementing the latest technologies, but fostering a mindset that encourages creativity, adaptability and collaboration among the workforce. In pursuit of digital transformation, companies often focus on technology upgrades and process optimisation. However, true innovation begins with individuals and their ability to think creatively. Encouraging employees to explore new ideas, take risks and learn from failures is crucial. A culture that values creativity fosters an
environment where employees feel empowered to contribute innovative solutions to business challenges. Digital transformation is a cross-functional endeavour that requires collaboration across departments. Breaking down silos and encouraging open communication between teams is essential for success. A culture of innovation emphasises the importance of diverse perspectives, and encourages employees from different departments to collaborate on projects. This not only enhances problem-solving but also ensures that digital initiatives align with broader business goals. Leadership plays a pivotal role in shaping a company’s culture. In the context of digital transformation, leaders must act as catalysts for innovation. This involves fostering a culture where
ideas are valued, and which acknowledges and rewards innovative efforts while leading by example. When leaders prioritise innovation, it sends a powerful message throughout the company, inspiring employees to contribute their creative insights. Innovation is a journey marked by both successes and failures. Companies that embrace a culture of innovation often celebrate achievements, no matter how small. They recognise the effort put into pushing boundaries. Of equal importance is the sometimes difficult task of learning from failures. Rather than viewing setbacks as roadblocks, a culture of innovation encourages businesses to see them as opportunities for growth and improvement. A culture of innovation extends beyond the workplace and considers the well-being of employees. Recognising the human element in digital transformation means understanding the impact of change on individuals. Companies that prioritise employee well-being create an environment where individuals feel valued and supported, fostering a positive and innovative mindset. As we navigate the complex terrain of digital transformation, it is crucial to remember that the human element is not just a
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
KEITH
ROYE II factor but the driving force behind successful innovation. Building a culture that values creativity, collaboration, continuous learning and employee well-being ensures that businesses not only implement the latest technologies but also leverage them to their fullest potential. In the realm of digital transformation, it is the human touch that transforms technology advances into lasting success. II
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(Substance Requirements) Act. “It is also the reason why we are making an amendment to the Register of Beneficial Ownership Act. The key issue that both of these amendments address is the need for these portals to interface with one another to facilitate the exchange of information.” Mr Davis said The Bahamas has promised the OECD that the reforms to meet the exchange of information standard will be enacted and in place by 2023 year-end. “We fully intend to honour that commitment. Since then, we have organised, cleaned and compiled data, and migrated it to facilitate the exchange of information
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Bahamas moves to block loss of investment funds
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“I must inform you that during the forum on harmful tax practices’ October meeting, The Bahamas’ economic substance regime has been rated as ‘not harmful’ with a few recommendations to make key changes. “These include soft recommendations on the verification of data and more intensive reviews of certain entities, as well as a hard recommendation urging us to ‘undertake the required exchanges of information under the standard’,” Mr Davis added. “While all of the recommendations are important, it is the third ‘hard’ recommendation that is crucial. The third recommendation is the reason for the imminent amendment to the Commercial Entities
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THE Prime Minister yesterday unveiled reforms to a package of financial services laws in a bid to prevent The Bahamas losing “a material amount” of investment funds to Brazilian tax law changes. Philip Davis, leadingoff debate in the House of Assembly on amendments to the Exempted Limited Partnership (Amendment) (No. 2) Bill 2023, the International Business Companies (Amendment) (No. 2) Bill 2023 and the Investment Condominium (Amendment) Bill 2023, explained that these all “reflect innovative structuring opportunities in response to certain tax and structuring changes in key markets, specifically Brazil”. He added that all will keep “The Bahamas at the cutting edge in the global financial services landscape”. The need for the reforms was previously disclosed by Ryan Pinder KC, the attorney general, who had warned that The Bahamas is threatened with losing “a material amount” of its investment funds due to likely tax reforms in Brazil. He told the Nassau Conference that the threat posed to The Bahamas’ investment condominium (ICON) product underlined his call for renewed innovation in the financial services industry to maintain its competitive advantage. The ICON was specifically developed for the Brazilian market as an offshore structure through which investors from that country could hold and make investments while, at the same time, remaining compliant with home country tax laws. It was a version of the same product they are familiar with at home, but tax law changes are seemingly set to eliminate any advantage from using The Bahamas. Mr Davis said the ICON “took the Latin American market by storm when it was rolled out”, and added: “One of the defining features of the Act allowed other entities to convert to ICONs. It was a strong selling point, allowing existing funds to easily adapt to take advantage of the ICON’s strengths. “Today, in response to changes made in Brazilian legislation which can impact funds operating as ICONs if not addressed, we have proposed the three
amendments before us” that allow conversion to go in the opposite direction, with ICONs able to become IBCs and exempt limited partnerships. “We have been quick to respond to the changes in Brazil as one of our major markets. This is critical, Madam Speaker, because responsiveness is a key quality that allows our financial services product to stand out. It is a strength of ours that is now further established by this compendium of Bills,” Mr Davis added. “These amendments demonstrate our nimbleness and ability to provide structuring alternatives for the financial services industry in response to a constantly changing global environment.” Explaining the rationale for the changes, Mr Pinder previously said: “Brazil is close to passing controlled foreign corporation laws which would eliminate any tax benefit of holding financial investments in an offshore fund. “We could end up losing a material amount of funds in The Bahamas, with clients unwinding their structures before year-end. We enjoyed the prosperity of our innovation for ten years; it is now time to innovate again.” He explained that the ICON was marketed “aggressively” in Brazil, resulting in a large number of such products becoming licensed as fund structures in The Bahamas. Many of the assets were held in custody locally. The ICON was created through a joint venture between the Bahamian government, the financial services industry and the Brazilian legal community to ensure it resembled the domestic investment condominiums in Brazil. Mr Pinder said: “As a country we have worked hard over the years to develop the financial services market in Brazil. The ICON was developed jointly between The Bahamas’ government, the Bahamian financial services industry and the Brazilian legal community. “The ICON created another influx of licensed funds originating from Brazil, providing a product that was structurally familiar to the investment condominium in Brazil. As a result of these innovations, a material amount of funds licensed in The Bahamas originated from Brazil. This is now all at risk due to tax changes that are proposed in Brazil.”
THE TRIBUNE
Thursday, December 7, 2023, PAGE 3
RBC CUSTOMERS HIT BY ‘SKIMMING’ FRAUD By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ROYAL Bank of Canada (RBC) yesterday confirmed that “a number” of its Bahamian customers have fallen victim to fraud and loss after their Visa cards were exposed to a ‘skimming’ attack. The Canadian-owned bank, in a statement, said it is “working with the authorities as they investigate this attack” after several Bahamians complained on social media about thousands of
dollars being withdrawn from their accounts without their knowledge or permission. Lynette Rolle wrote in a Facebook group: “Yes! $1,500 withdrawal from the ATM machine. I called customer service and was advised to go into the branch. So I did and had the card blocked. I made a ‘Statement of Claim’ and was issued a new card at the same time. I’m just now waiting on the funds…” Khrisna Russell added: “Several weeks ago funds were removed several times from my mother’s account by someone in Canada.”
And Sheila Moree affirmed: “I had two unauthorised withdrawals on Saturday. Reported to RBC and advised investigation can take up to 45 days.” RBC, in a statement responding to Tribune Business queries, said it has “identified a skimming incident that has potentially exposed a number of our RBC Visa magnetic strip debit cardholders in The Bahamas. “We are in the process of contacting clients who were potentially affected. We are asking clients who may have been impacted to visit their nearest RBC branch
at their earliest convenience to collect their new Chip & PIN (personal identification) Visa debit card, which provides additional protection through Chip and PIN technology.” ‘Skimming’ is a technique used by fraudsters where they typically insert a device into an automated teller (ATM) and point of sale (POS) machine without the knowledge of unsuspecting users. These devices then read and steal their card data, including PIN numbers, with the information obtained subsequently copied on to cloned cards and used to drain bank
accounts of funds via multiple transactions in a short space of time. “We remain committed to working with clients who may have been impacted by fraudulent activity to help them through what we know can be a difficult and stressful event,” RBC added. “Security is critical to our business and will always be a top priority. We invest in and employ industry best practices to protect our systems so our clients can have confidence in their financial transactions. “RBC is working with the authorities as they investigate this attack on
our valued clients and the related fraud, and will continue to invest and deploy the latest security protocols and technology to combat them. RBC takes this matter seriously as the protection of our client’s data and privacy is our priority. “We will continue to monitor the situation closely. We also recommend that our clients remain vigilant and take appropriate measures to safeguard their personal and financial information.”
Stranded passengers may get distressed rate for hotel stay By FAY SIMMONS Tribune Business Reporter jsimmons@tibunemedia.net PASSENGERS who find themselves stranded at Lynden Pindling International Airport due to unexpected circumstances may be given a helping hand as part of discussions between Nassau Airport Development (NAD) and hotels. Dexter Bodie, NAD manager of business development, said the airport is working with hotels to offer a distressed passenger rate. Speaking at the BHTA annual meeting yesterday Mr Bodie said this year many passengers have been left “stranded” at LPIA due to situations beyond the control of the airport or its airline partners such as extreme weather. He said NAD has partnered with nine BHTA member hotels to offer a distressed passenger rate to passengers who encounter cancellations not covered by airline policies. He said: “This year, the airport experienced several situations where passengers became stranded in Nassau due to cancellations for reasons outside of airport and airline control, such as extreme weather. As such, airlines were not able to provide passengers with the needed accommodations “To address this, NAD, along with the BHTA and airline stakeholders, met on the 27th of November and began working on a stranded passenger policy. This led to the commitment of nine BHTA member hotels to provide a distressed passenger rate that
LYNDEN PINDLING INTERNATIONAL AIRPORT would be available to passengers when cancellations occur that are not covered by airline policy. Efforts to develop this policy are ongoing.” Mr Bodie said traffic at LPIA has rebounded to pre-pandemic levels, with 35,000 passengers travelling through the airport during the Thanksgiving season and a 22 percent increase in 2022’s volume. He said: “We’re at the peak of our travel season. 35,000 passengers travelled through LPIA during the Thanksgiving holiday, strong travel demand is expected to continue throughout the year. “Thus far for the calendar year 2023, we’ve
consistently reported strong returns of pre-pandemic passenger traffic at LPIA. As of November 30, we have recovered approximately 96 percent of year to date traffic compared to the same period 2019, when compared to the same period of 2022 note an increase of 22 percent in overall traffic. “This increase in demand for the destination has brought along some challenges for us, however NAD along with the BHTA and other industry partners are addressing this head on.” He said LPIA is undergoing $1.5m in upgrades with the conversion of the aircraft parking gates from
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asphalt to concrete which will continue until all gates are upgraded. He said: “This year, NAD has been working now to convert LPIA’s 11 aircraft parking gates from asphalt to concrete at a
cost of $1.5m. This project will continue into 2024 and beyond until all gates are converted.” Mr Bodie said LPIA is also undergoing a capacity planning exercise to meet travel demand over the next three decades with a “keen” focus on upgrading technology and increasing efficiency. He said: “Further, NAD has commenced the capacity planning exercise to expand LPIA’s capacity to meet travel demand for the next 20 to 30 years. “It has been one decade since the full completion of LPIA’s redevelopment - this capacity planning will be comprehensive considering the land side, terminal and airside capacity with a keen focus on incorporating new technology to improve
the overall operational efficiency.” He added that the airport has recently installed almost $1m worth of digital advertising displays in key areas to improve advertising visibility for hotel and industry partners. He said: “We recognise that many hotel partners use significant advertising at the airport and this year we’re excited to launch our new airport advertising programme. “RG Media Bahamas Limited, our new airport advertising contractor, has invested nearly $1m in new and modern digital and slide advertising installations. If you’ve travelled recently, you would have seen the eye-catching digital screens in key areas like immigration hall and the baggage claim area.”
PAGE 4, Thursday, December 7, 2023
THE TRIBUNE
GRAND BAHAMA ‘JOINING THE PARTY’ FOR TOURISM By FAY SIMMONS Tribune Business Reporter jsimmons@tibunemedia.net IAN Rolle, chairman of the Grand Bahama Island Tourism Board, said tourism numbers there are “finally joining the party”. Speaking at the Bahamas Hotel Tourism Association
general meeting yesterday, Mr Rolle said although Grand Bahama has previously been “lonely” - while tourism on other islands not affected by hurricanes such as Frances, Jean and Dorian “flourished” - this year the island is showing a rebound.
He said: “Grand Bahama has been feeling very lonely for a while as we watched our neighbouring islands who were not affected by Mother Nature flourishing or starting to flourish in regards to tourism stats, but it is a great pleasure to state that we are finally joining the party.”
Talks with Port Authority over GB future ‘stalled’
He said air and sea arrivals to Grand Bahama increased by 65 percent, room occupancy has increased by 20 percent and there are now about 1,500 rooms available. He said: “As at September 2023, air and sea arrivals increased by 65 percent, air only increased by approximately 44 percent.
“Available hotel rooms, timeshare accommodations have some 1,500, so we need greater inventory but we are working on that… room occupancy increased by 20 percent compared to the same period in 2022. “We have over 40 experiences and attractions
available and over 120 restaurants and bars.” He also expressed optimism that Carnival Cruise Line’s Celebration Key which is slated to open in 2025 will bring in an additional two million cruise passengers annually and further increase traffic on the island.
By FAY SIMMONS Tribune Business Reporter jsimmons@tibunemedia.net
with the authority next week or early next year. Tensions between the GBPA and the Davis administration were revealed earlier this year when Mr Davis accused the port authority of failing to follow obligations set out in the Hawksbill Creek Agreement regarding the maintenance of Freeport’s infrastructure and the island’s growth. Mr Davis said the government had “begun to
invoice the Port Authority” to reimburse Bahamian taxpayers’ expenses in providing public infrastructure and services in Freeport and called for new management of the authority. Port owners defended their management of Freeport, saying increasing bureaucracy and red tape from the government have held the island back and that they would like to cooperate with the government.
TALKS with the Grand Bahama Port Authority (GBPA) over the future of Grand Bahama have “stalled”, says Prime Minister Philip “Brave” Davis - but he is hopeful that they will resume shortly. Speaking to reporters yesterday, Mr Davis said he hopes to start discussions
THE TRIBUNE
Thursday, December 7, 2023, PAGE 5
Distillery unveils limited edition rum to mark 50th independence By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net JOHN Watling’s Distillery has unveiled the limited release of its Bullion rum to commemorate both its tenth birthday and the 50th anniversary of Bahamian independence. The distillery, in a statement, said its special edition rum has undergone a 10-year double ageing process, maturing first in White American Oak Bourbon Barrels before undergoing additional refinement in French Limousin Oak Cognac Casks. Pepin Argamasilla, John Watling’s Distillery’s managing partner, said: “To craft a 10-year-old rum is a tremendous honour. We embarked on this journey a decade ago, and it’s truly gratifying to witness it come to fruition.” Guillermo GarciaLay, master blender at John Watling’s Distillery, added: “It was a privilege to use our oldest rums in a new way while remaining true to the John Watling’s house style. The limited quantity makes it both precious and fleeting, something that aficionados will appreciate.” The Bullion rum has been limited to just 2,250 bottles, each hand-filled and packaged by Bahamian artisans. Jose Portuondo, managing partner at John Watling’s Distillery, said: “From the label to the bottle and outer packaging, no expense was spared in presenting this gift to The Bahamas for its 50th anniversary and John Watling’s 10th.”
The label design, by Bahamian communications agency Octopus Digital, was led by Nicky Saddleton, who added: “The design we co-created is a testament to luxury, elegance and timelessness. The incorporation of the number 10 in the word ‘Bullion’ felt serendipitous, and the aquamarine and
gold hues were a heartfelt dedication to our nation.” Adding a personal touch to each Bullion rum bottle, local calligrapher Candi Thompson at Tied Goat Bahamas individually numbered the labels. Initial sales will take place at the Buena Vista Estate in Downtown Nassau.
WITH only 2,250 bottles available, John Watling’s Bullion rum was released this week to commemorate both the 50th anniversary of Bahamian independence and the 10th anniversary of the distillery. Photos:Kovah Duncombe/Barefoot Marketing
PAGE 6, Thursday, December 7, 2023
THE TRIBUNE
WHISTLEBLOWER SECRETLY TAPED BROKER MEETINGS FROM PAGE B1 south Florida court dismiss much of the evidence and testimony the SEC has obtained from Mr Dorsett. “Since March 2016, Dorsett has worked in concert with - and at the direction of - the SEC to assist it in investigating Gentile. For example, Dorsett - while employed at SureTrader - fielded requests to search for and send particular company documents involving Gentile to the SEC, including at times documents containing sensitive personal information of SureTrader customers,” Mr Gentile is alleging. “Dorsett also created at least one audio recording of SureTrader’s executive team, conveyed that he had done so to the SEC and offered to make further recordings.” The former Swiss America chief is demanding that his former compliance chief “should be precluded from testifying at trial” and that “the SEC should be precluded from relying on his deposition testimony on summary judgment”. The case raises important issues surrounding whistleblower protections. Mr Dorsett aided the SEC without the protection of
a Supreme Court Order authorising him to hand over confidential and sensitive documents belonging to his former employer, and nor did he appear to take his concerns to the Bahamian regulator, the Securities Commission, which has a legal pathway to co-operate with its US counterpart. Mr Dorsett seemingly acknowledged this left him potentially exposed, and without protections offered under Bahamian law, telling the SEC’s Mr Matin in an April 1, 2016, e-mail that the latter needed to “officially request” the documents showing several US clients had failed to sign the nonsolicitation agreement via the Securities Commission. He also informed his SEC contact that it was difficult to talk at 3pm as this was when he was in office, with Mr Matin replying that neither himself nor the SEC could provide an opinion on the legality of taping meetings involving Mr Gentile and other Swiss America executives. “The 3pm time is proving to be a little difficult for me to maintain,” Mr Dorsett wrote on April 11, 2016. “My regular lunch hour is at 2pm, and I’m usually home any time after
6.30pm. I started making recordings of the executive meetings (I made the first one today). We are currently attempting to move all relationships away from the US. We can discuss at length when we speak again.” In response, Mr Matin replied two days later requesting if he knew of any accounts that Swiss America held with an Australian institution called Capital Security Bank. The SEC executive added: “I wanted to clarify that we are unable to provide any legal advice regarding the legality of making recordings under Bahamian law, and that we have not asked or required you to make any such recordings.” Mr Dorsett replied: “I understand about the recordings. I will look into it. With regard to Australia, i haven’t heard of anything. Right now I’ve only heard of relationships (or setting up relationships) in Singapore, Canada and Mauritius.” The e-mail thread shows that the previous week, the first in April, Mr Matin tasked Mr Dorsett with finding documents that listed Mr Gentile as the managing partner of an
entity called ProTrade LP. “Do you know if ProTrade was officially registered or required to file with any Bahamian authority?” the SEC executive asked, also requesting that he review a letter the US regulator had obtained. “I will provide the info[rmation] as best I can,” Mr Dorsett replied. “However I doubt I will be able to find any docs that shows Guy as the managing partner of Pro Trade. To my knowledge Pro Trade was never registered in the Bahamas (I doubt the regulators here knew anything about it).” The former Swiss America compliance chief also referred to Mr Gentile having “started to clean the firm up”, adding that the letter provided by the SEC for himself to review was “not entirely correct and, in some cases, outright wrong”. He denied onboarding US clients, adding that this task was performed by Swiss America’s new accounts department and “they don’t make special inquiries into US clients”. “The only thing they do is check to see that all the requisite documents have been received. If a non-solicitation agreement was missing, then they would check to see if that client was from the US and, if they were, then one would be e-mailed to him,” Mr Dorsett wrote. “The reality is that the vast majority of our clients
have always been US clients, and the idea of giving them special scrutiny before their approval is far from correct. In fact, the way how our operations are stated in the letter is not accurate at all.” The e-mail chain also referred to a 3pm phone call on April 1, 2016, where Mr Matin seemingly requested Mr Dorsett find proof that not all Swiss America’s US clients had signed the necessary forms affirming that they were not directly solicited by the Bahamian broker/dealer. “Further to our conversation today, I found some US client files where there was no unsolicited acknowledgement agreement. I have attached them here. I also included the first page of their profit and loss account to show that they were active,” Mr Dorsett wrote. The clients in question were Arxcis Trading LLC; David Marquez; David Thomas; Robert Edelman; and Wesley Dalton. He also volunteered to find a file on Gbox Trading, a firm in which he believed Mr Gentile had an ownership interest and operated as a “hyper trading/dark pool that opened an account and traded through us back in 2012”. However, Mr Dorsett also indicated his concern about the personal liability and risk his co-operation with the SEC was creating. “If you do decide to use any of
these files, please remember to officially request them from us through the SCB (Securities Commission of The Bahamas),” he told Mr Matin. It is unclear whether the SEC executive took any notice. Mr Gentile enjoyed a colourful - and sometimes controversial - time in The Bahamas. His broker/ dealer was used as “bait” by the Federal Bureau of Investigations (FBI) to allegedly help snare numerous international securities fraudsters, with his Bahamian offices ‘bugged’ to record video and sound. These activities resulted in several guilty pleas and convictions. Mr Gentile and his company exited the Bahamas at end-2019 when faced with regulatory actions and investigations by the Securities Commission of The Bahamas. However, in so doing, he bought sufficient time to voluntarily wind-up he broker/dealer himself and remove all its assets from The Bahamas. Tribune Business previously reported how Philip Davis KC, who was thenOpposition leader, acting on Mr Gentile’s behalf filed a successful Judicial Review challenge that thwarted the Securities Commission’s regulatory efforts for several months. There is no suggestion the nowprime minister did anything wrong.
THE TRIBUNE
Thursday, December 7, 2023, PAGE 7
BFSB unveils winners of Excellence Awards THE Bahamas Financial Services Board (BFSB) has unveiled the winners of its 19th annual Financial Services Industry Excellence Awards as part of its 25th anniversary celebrations. The winners are: Lifetime Achievement Award: Linda BeidlerD’Aguilar, former partner and head of financial services, Glinton Sweeting O’Brien Minister’s Award: Kim Bodie, executive director, Bahamas Institute of Financial Services Executive of the Year Award: Antoine Bastian,
chairman and chief executive, Genesis Fund Services Professional of the Year Award: Nakera Symonette, director, Scotiabank Young Professional of the Year Award: Delphino Gilbert Cassar, head of business development and Fintech, Equity Bank Bahamas Achiever of the Year Award: Shari Quant, assistant vice-president, internal audit, legal and risk, Equity Bank Bahamas Suzanne Black Student of the Year Award: Jeffrey Feaster, B.B.A. Economics
and Finance, University of The Bahamas The BFSB also presented Appreciation Awards to individuals who have gone above and beyond in supporting BFSB and its initiatives throughout the year. The Appreciation Awards 2023 were presented to the following: Dr Iyandra Smith-Bryan, chief operating officer, Quantfury Trading Cira Davis, BFSB director, co-chair, Financial Centre Focus Committee
DELPHINO CASSAR
IYANDRA SMITH BRYAN
JEFFREY FEASTER
KIM BODIE
NAKERA SYMONETTE
SHARI QUANT
PAGE 10, Thursday, December 7, 2023
THE TRIBUNE
ACCOUNTANTS URGED ONE-YEAR BUSINESS LICENCE AUDIT DELAY FROM PAGE B1 affecting businesses with turnovers of $5m or more.” BICA, in its statement, said it has been “actively engaged” with the Ministry of Finance and Department of Inland Revenue ever since the new Business Licence Act and regulations were passed last summer to “champion the need for a balanced and strategic implementation of the new regulatory framework”. “Recognising concerns within the industry, BICA proposed the formation of
a working committee comprising members from the big four accounting firms, co-chairs from small and medium practices, and key representatives from the Department of Inland Revenue (DIR),” it added. “Since July 2023, BICA has met with the Department of Inland Revenue on a regular basis and worked collaboratively to address concerns surrounding the new Act. The meetings of the working committee have been pivotal in facilitating dialogue and finding
common ground on critical issues. “While initial negotiations faced challenges, particularly with the Department of Inland Revenue maintaining a firm stance, BICA successfully advocated for compromises that ensure fair treatment of businesses through the upcoming release of the new guidance notes, proposing and assisting in designing a Business Licence Tax Return, and submitting templates for review and audit reports.”
The Prime Minister, back in June 2023, said the Government through the enhanced Business Licence reporting regime was “encouraging better recordkeeping within businesses and encouraging proprietors to be responsible for honest reporting”. But micro, small and medium-sized enterprises (MSMEs) with annual turnovers below $250,000 will be exempt from having to maintain electronic records and have an independent accountant certify their turnover for Business Licence renewals. This threshold was raised from $100,000 to ease the burden on more such firms, who will submit management accounts as verification of their turnover sums. However: * Businesses with annual revenue between $250,000 and $499,000 will require accounting certification by an independent accountant * Businesses with turnover between $500,000 and $2.499m will require a compilation report by an independent accountant * Businesses with revenue between $2.5m and $4.999m will require a review statement by an independent accountant * And large taxpayers, namely businesses with turnover above $5m, will require audited financial statements produced by an independent accountant BICA acknowledged that the audited financial statements requirement was potentially problematic for privately-owned companies that may never have been subjected to such scrutiny, and are unfamiliar with the processes involved and lack the necessary resources. “One key area of contention pertains to the audit requirement for businesses with a turnover of $5m or more. Recognising the potential burden on businesses that are not audit-ready, BICA
proposed a delay in implementing this requirement for the current year,” it added. “Despite the proposal, the Government has indicated a willingness to allow businesses to apply for a reporting deadline extension until April 30, 2024, with a final extension to June 30, 2024. Any further extension beyond this date would be subject to fines. “BICA acknowledges the government’s commitment to fiscal responsibility. However, it emphasises the importance of a pragmatic and measured approach to avoid undue penalties on businesses, especially those facing challenges in meeting the audit requirement,” the BICA statement continued “The Institute believes an extra year would give businesses the necessary time to adequately prepare for compliance and, in the interim, the independent review of financial statements in accordance with International Standard on Review Engagements (ISRE) may be performed.” BICA also warned against penalising the entire accounting industry over one or two incidents. “Expressing concern about the perception that the new Act primarily targets under-reporting businesses and accountants, BICA highlights the need for a nuanced approach to legislation without penalising the broader industry due to isolated instances,” it said. “Moreover, BICA highlights its commitment to international best practices by signing on as an institute and as a country to the International Federation of Accountants (IFAC). Adhering to IFAC’s rules, BICA members and licensees are required to maintain the highest level of ethics and reporting standards to both obtain and maintain their licenses. “The Institute has implemented a practice monitoring group responsible for inspecting and reviewing practices engaged in attestation engagements to
ensure adherence, especially to the International Standard on Quality Management (ISQM). “Additionally, BICA has undertaken initiatives to update leadership and enhance the effectiveness of its Investigations and Disciplinary Committees, making them more proactive in addressing cases as they arise.” Simon Wilson, the Ministry of Finance’s financial secretary, earlier this week said he is hopeful that the Government, accounting industry and private sector can shortly finalise and publish an agreed framework that has “built-in flexibility” over the deadlines by when companies with annual turnover exceeding $5m must submit their audited financial statements. While many in the accounting and private sectors view the demand for audited financial statements as too onerous and unnecessary, given that only top-line turnover needs to be verified as this is what the annual Business Licence fee is based on, Mr Wilson explained that the Ministry of Finance has a broader objective. Rather than a narrow focus on Business Licence fee certification and collection, he told this newspaper that the exercise is a wider “revenue intelligence tool” designed to ensure “integrity across all tax types” and said the tax authorities “see no reason why there won’t be a high level of compliance from year one”. Pointing to the betterdefined guidelines in the new Business Licence Act, which set out what is expected of auditors/accountants in verifying a company’s annual turnover, Mr Wilson said the Government had previously discovered some “did not do the basics” in checking the accuracy of disclosures by corporate clients subsequently found to have under-reported revenues to avoid paying the full tax liability.
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THE TRIBUNE
Thursday, December 7, 2023, PAGE 11
Further reforms ‘will ensure we are off’ EU and OECD blacklists FROM PAGE B2 between the portals,” he added. “We are doing all that they asked us to do and, as a result, we expect that we will be removed from the EU’s blacklist as long as the goalposts are not moved once again.” Kwasi Thompson, the Opposition’s finance spokesman, yesterday was among those challenging why the latest economic substance reforms were being brought forward now rather than in April 2023 when the last changes were made. “If these are not to ensure we are removed off the [black]list, why exactly are we seeking to pass this and why now. Just come clean with the Bahamian people,” the east Grand Bahama MP charged. Mr Davis yesterday conceded that the OECD and EU demands were “onerous”, and said “it is inevitable that some entities may have difficulty complying with these standards”. “However, we must make it clear that the purpose of these changes is not to discourage entities or individuals from conducting or establishing businesses in The Bahamas,” he added. “In fact, our aim is to attract bona fide business people who will conduct and engage in legitimate business activity while demonstrating to the world that we are serious about adhering to the highest and most stringent global standards. “That is why we remain optimistic about being
removed from the EU’s list during the next review. And we are also optimistic about our long-term prospects for sectorial growth based on our existing competitive advantages.” Mr Davis also hit out at the backwards nature of the process which, he alleged, had resulted in The Bahamas remaining on the EU ‘blacklist’ at its October review. “There may be those confused by our optimism given the fact that The Bahamas was still listed on the EU non-cooperative list just over a month ago in October,” he added. “However, it should be noted that this assessment was based on the OECD’s report completed in April, so at the time the EU made its decision the information was already over six months old. “In fact, the EU had their council of ministers meeting in October and made a decision not to remove us from the blacklist, and the very next month in November the OECD agreed that based on our approach to compliance, we’d be removed.” The Prime Minister asserted: “Surely, you’d think that these two European institutions would talk to each other in the interest of ensuring that the decision regarding our continued presence on the non-cooperative list was made fairly, and was based on the most current and accurate information. “Instead, the decision was made using outdated information with disregard for the impact that this inaccurate
decision could have on us. This behavior is indicative of a wider trend in which unfair standards are applied to countries like ours.” The new Act stipulates that companies who have to abide by economic substance reporting requirements must provide information such as gross income earned; the total amount of expenditure incurred on activities captured by substance reporting; the amount spent in The Bahamas; the total number of employees; and their address within The Bahamas. Board meeting details are also required. The reforms were also accompanied by the tabling of economic substance reporting legislation in Parliament. “These regulations will support and strengthen the exchange of information legislative framework,” Mr Davis added. “In response to the call for greater clarity on this area of the law, the amendment to section 29 of the principal Act will allow the minister of finance to provide comprehensive regulations with further clarifications and explanations..... “There are a number of other notable changes related to the reporting of information by parent entities, the requesting of additional information from entities, the spontaneous exchange of information, and the removal of reportable jurisdictions from the Act to the regulations to allow for faster changes when the need arises.”
Inline Project Co. Ltd is seeking to fill the following positions. • • • • • •
Truck Driver (25-35 years of age) Receptionist Carpenters Semi-Skilled Carpenters Masons Helpers
Please bring along with you the following items. 1. Current Police Certificate 2. Passport Photo 3. N.I.B Smart Card Applications will be collected at the office December 6th - 12th, 8:00 a.m -4:00 p.m Please call: 322-3020
PAGE 12, Thursday, December 7, 2023
THE TRIBUNE
Construction’s fears on ‘bread and butter’ FROM PAGE B1 “The spin-off of this increased resistance to finance construction projects means you’re going to have a slow down in construction related to residential projects. On the flip side we are seeing the foreign direct investment led second home market enjoy an enormous uptick.” But, with most Bahamian contractors “depending on the residential building sector for their livelihoods”, the BCA president warned that a continued fall in mortgage loan approvals will ultimately lead to a situation “where it’s not sustainable for all players”. Mr Sands added: “It goes into an area where it certainly becomes difficult for some contractors to maintain their business operations from residential work. It don’t want to sound frightening, or be alarmist, but it’s very concerning... “It’s something we have to watch and, in 2024, I believe the clearing banks
have to become more creative with their customer base in The Bahamas. For far too long I’ve felt they’ve set the bar too high for their customer base to get financing. They have to look at that. “If this continues we’re not going to see a lot of construction companies be viable and they will go out of business. That’s the bread and butter. The bread and butter is residential construction, and if they’re not going to lend money to finance the purchase or construction of homes that’s going to be very, very impactful if we see that continue to go in the direction it’s going in now.” The Central Bank’s full Lending Conditions Survey for the 2023 first half revealed that less than one third - or fewer than one of every three - out of a total 1,104 applicants were approved for a mortgage loan during the six months to end-June. And almost one in four applications was rejected because borrowers
have a 50 percent debt service ratio. Survey data showed that the 32.2 percent mortgage approval ratio is the lowest since the 2019 first half, which represented a period prior to both Hurricane Dorian and the COVID-19 pandemic. While the economic fallout from COVID is likely at least partially responsible, the Central Bank has since relaxed its lending guidelines by allowing its licensees to extend credit worth up to 50 percent of a borrower’s income. Previous guidelines have set this limit at 40-45 percent, but the regulator’s lending survey reveals that the reason more than onethird - or one in every three - of mortgage loan applications was rejected during the 2023 first half was because potential borrowers were still breaching the more generous 50 percent debt service ratio. Using the Central Bank’s statistics, just 356 of the total 1,104 mortgage
applications submitted during the 2023 first half were approved by its commercial bank licensees. This means that two-thirds, or 748, were rejected. Of that 748, some 33.6 percent or 251 were declined because the applicants’ debt service ratios would breach the 50 percent benchmark. That 251 is equivalent to 22.7 percent of all 1,104 mortgage applications, which means close to one in every four submissions was dismissed because the potential borrowers/homeowners are already too heavily indebted. However, the Bahamas National Statistical Institute (BNSI) yesterday provided better news, at least in the short-term, by revealing that the value of newlyissued construction permits increased by 76.3 percent year-over-year during the 2023 third quarter. Drawing on data from the Ministry of Works, Grand Bahama Port Authority (GBPA), Family Island administrators and
local government, the Institute said: “The all-Bahamas number of new construction permits issued in the third quarter 2023 (465) was higher than in the 2022 third quarter 2022 (424) by 41 projects or 10 percent. “The value of permits issued over this period also increased from $135m in 2022 to $238m in 2023. The categories that contributed to these increases in value were the private/residential sector, which grew by approximately $47m or 48 percent; the commercial/ industrial sector by approximately $54m or 164 percent and the public sector by approximately $1.7m or 37 percent.” However, new construction starts and completions fell year-over-year in the 2023 third quarter compared to 2022. “The number of new construction starts all-Bahamas decreased by 21 projects when comparing the third quarter 2022 (133) and third quarter 2023 (112). “During this same period, the value of construction starts All Bahamas also
decreased by approximately $13m or 15 percent. This decrease in value was led by the private/residential sector with approximately $26m or 39 percent and the commercial/industrial sector with approximately $14m or 85 percent. Conversely, there was an increase in the public sector of $27m.” As for completions, the Institute added: “The all-Bahamas number of construction completions in the third quarter 2023 (123) showed a decrease of 42 projects when compared with the same period in 2022 (165). “The value of construction completions also decreased by approximately $116m or 70 percent. This was led by decreases in the private/residential sector of approximately $4m or 10 percent and the commercial/industrial sector of approximately $118m or 92 percent. In the public sector compared to zero recorded completions for the 2022 period, there were two projects valued at approximately $6m.”
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NOTICE NOTICE is hereby given that BRENDA GLADYS PRUDHOMME of Hay Street, 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 30th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that MAYA CAMILLE PARKER of P.O.Box N-1953, Lakeview Drive, 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 7th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that NIXON PIERRE JEAN of Katto Street, 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 6th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that FLORENCE METELUS, East Street South, Nassau,The Bahamas, 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 29th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PAGE 14, Thursday, December 7, 2023
THE TRIBUNE
OUT ISLANDS 115MW BID LAUNCH ‘FANTASTIC’ FROM PAGE B1 independent power producers (IPPs) to provide microgrid solutions featuring a combined 25 Mega Watts (MW) of renewable energy and an “additional” 90 MW of “prime power generation” across multiple Family Islands. “This innovative approach aims to deliver electricity to our Family Islands, ensuring a cleaner, more reliable and cost-effective energy system than our current framework,” she said. “This transition to cleaner, more efficient fuels marks a crucial step in positioning The Bahamas as a leader in the regional and global energy transition, reflecting our commitment to environmental sustainability and technological advancement.” The RFP itself identifies the targeted islands as Eleuthera; Harbour Island; Exuma (along with Black Point, Staniel Cay and Farmer’s Cay; Long Island; Abaco; Andros (Fresh Creek, Nichols Town, the Bluff and Mangrove Cay;
Rum Cay; San Salvador and the Berry Islands. While no land has been assigned for the 6 MW of renewables targeted at Harbour Island, some 32 acres of space is being allocated on mainland Eleuthera for microgrid and renewable solutions in the Hatchet Bay and Rock Sound areas. On mainland Exuma, some 64 acres will be made available in the vicinity of Georgetown, with small amounts of land required on the cays. For Long Island, some 11.2 acres is said by the RFP to be required, which is located mainly in the Miller’s area. On Abaco, 96 acres has been earmarked in Marsh Harbour and Wilson City, and eight acres on Moore’s Island. The area needed on Andros, Rum Cay, San Salvador and the Berry Islands has also been laid out. When it comes to the amount of renewable and clean fuel to be provided, the RFP stipulates that Abaco is to gain 56.8 MW, with Eleuthera and Harbour Island receiving 28.6 MW. Mainland Exuma is to
get around 20 MW in the Georgetown area. The RFP’s terms stipulate that all projects by IPPs, who will supply the energy produced to the Bahamas Power & Light (BPL) grid for “an initial period of 25 years” under a power purchase agreement (PPA), must “have a minimum renewable energy component of 30 percent to 50 percent”. The sites where the microgrids and renewables will be located are to be leased by the Government to IPPs “at a nominal cost”, and all projects are to have majority 51 percent Bahamian ownership within three years with 40 percent of profits going to local equity holders. “A key project element that is being sought is that of Bahamian ownership,” the RFP stipulates. “In this vein it is anticipated that the selected proposals will be subject to a build/operate/ transfer arrangement. Additionally, it is important to the Government of The Bahamas that every Bahamian has an opportunity to benefit from the implementation of these projects.
“Therefore, consideration must be given to how 51 percent Bahamian ownership would be achieved within three years with 40 percent of the profit being disbursed to these equity holders. For the avoidance of doubt, Bahamian-owned respondents will receive preference during the RFP scoring process.” Mrs Coleby-Davis confirmed these objectives, and said: “The project proposal’s evaluation is key to our goal, as we are committed to ensuring that every Bahamian could benefit from these projects. Therefore, we are giving special consideration to it. Achieving 51 percent Bahamian ownership within three years of these projects will have an additional score in this evaluation. “The date of closure for submission of proposals will be on January 26, 2024. We urge all interested firms to submit clarification questions or obtain further information through the public procurement portal, where responses to all questions will be made available.
Family Island site visits will start with Eleuthera on December 11, 2023.” She added: “These projects aim to regulate resource management, improve energy storage capacity, facilitate new generation capabilities and enhance sustainability efforts. The development of microgrids on these various islands will ensure consistent and reliable power output for its inhabitants 24 hours a day.” “We understand that each island has unique requirements, loads and generation levels. Therefore, the specification for the solar array will be at least 30 percent of the total installed generation on island in cases where the current generation is sufficiently serving island loads. “We encourage respondents to explore alternative technologies such as microturbines and fuel cells, especially if they are suitable for specific situations.”
Mrs Degregory-Miaoulis described the RFP’s launch as “fantastic”, and something that “bodes well” for The Bahamas’ battle against climate change on the world stage. “We are so vulnerable to weather conditions,” the Abaco Chamber president added. “Solar is something you can always rely on post-hurricane. The sun will always shine and that was our experience personally after Hurricane Dorian. We had full power and water immediately after the hurricane. We were completely off-grid. “It took us a week to five days to get here [Abaco Neem’s farm], but once here we had power and water from the get-go. This is what all the islands need, what all the small island nations ought to be going towards. This is a great start. We just can’t wait for it to be put into place.”
NOTICE
MISB LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 204387 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 6th day of December A.D. 2023. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Mauro De Oliveira whose address is Alameda Portugal 686, Barueri, CEP: 06474-109, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 21st 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 6th day of December A.D. 2023. MAURO DE OLIVEIRA Liquidator
Legal Notice NOTICE
CAMELIA & CO. LTD. NOTICE IS HEREBY GIVEN as follows: (a)
CAMELIA & CO. LTD. 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 6th day of December 2023.
(c)
The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 7th day of December A.D., 2023 Baird One Limited Liquidator
Legal Notice NOTICE
SEMORAN INVESTMENTS LTD. NOTICE IS HEREBY GIVEN as follows: (a)
SEMORAN INVESTMENTS LTD. 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 6th day of December 2023.
(c)
The Liquidator of the said Company is D & T Nominees Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 7th day of December A.D., 2023 D & T Nominees Limited Liquidator
Legal Notice NOTICE STARDUST INTERNATIONAL LIMITED NOTICE IS HEREBY GIVEN as follows: (a)
STARDUST INTERNATIONAL 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 6th day of December 2023.
(c)
The Liquidator of the said Company is D & T Nominees Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 7th day of December A.D., 2023 D & T Nominees Limited Liquidator