confident we will exceed the $18m” full-year profits target for 2024 as it explores the best way “to enter into the venture capital space”.
Gowon Bowe, the BISX-listed lender’s chief executive, told Tribune Business that while the bank has no plans to become a fully-fledged venture capital firm it is assessing how to “take a portion” of its capital and invest this by taking equity positions in emerging companies as opposed to the traditional credit advances.
Confirming that Fidelity Bank (Bahamas) Board has given approval in principle to this initiative, he added that the details - including how much capital it will make available, how quickly and which businesses it will seek equity
ownership positions in - is still being worked out.
Mr Bowe also disclosed to this newspaper that the commercial bank is eyeing growth from providing banking services to Bahamas-domiciled International Business Companies (IBCs) that conduct their commercial activities outside this jurisdiction.
With many such entities complaining that they are finding it tough to open
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FURIOUS legal battle has erupted over a Bahamian payment provider’s $3.473m damages claim for “unlawful political and/or improper patronage” interference that led to the online boating fees portal’s closure.
Omni Financial Group and its two affiliates have teamed with Peter Maury, the Association of Bahamas Marinas (ABM) president, to launch a “breach of contract” and defamation claim against the Government over the alleged “irreparable damage” suffered from Ministry of Finance assertions that fees collected from foreign boaters via the SeaZPass portal were not being paid to the Public Treasury as required.
Harvey Morris, director and principal shareholder of Omni and its affiliates, Transfer Solutions Providers and Omni FlashCash, said in a November 28, 2024, affidavit that the accounting firm hired to examine the fees collected by the payment provider on the Government’s behalf had confirmed no monies were
missing and it had found “reconciling items” to explain the final $43,664 difference.
Pointing out that Omni’s own records showed it had collected $4.493m in gross foreign yacht charter and cruising permit fees during the portal’s near two-year existence, he argued that Deloitte & Touche’s findings effectively refuted previous assertions by Simon Wilson, the Ministry of Finance’s financial secretary,
that sums ranging from $1m to as high as $5m had not been passed to the Government.
Arguing that Mr Wilson’s comments “have negatively impacted Omni’s ability to function as a going entity, and have caused injury to long-standing relationships, some of which date back 15 years”, Mr Morris and the payment provider also claimed that the ten-year agreement with the Ministry of Finance to provide the boating fee collection portal “remains in effect to-date” because the Government never properly terminated it (see other article on Page 1B).
The $3.473m damages claim covers the $3.35m costs incurred by Omni in developing the portal, plus the $122,500 in commission income due to it under the contract’s first two years. However, legal documents seen by Tribune Business show that, had the ten-year deal run its course, some $58m from cruising permit and the 4 percent yacht charter fees was forecast to be collected, with total commissions standing at $1.908m. However, the Government defendants, named as the minister of
Doctors to add 22 jobs via $7.7m Village Road spend
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DOCTORS Hospital will add a further 22 jobs with the $7.7m investment in its Village Road diagnostic and imaging centre as it pursues the further buildout of its nationwide care network.
Dennis Deveaux, the BISX-listed healthcare provider’s chief financial officer, told Tribune Business that construction work on the 10,000 square foot facility located at the former bowling alley just south of Master Technicians is targeted for a summer 2025 completion
with all equipment already acquired.
Its finish will be close to coinciding with that for Doctors Hospital’s Grand Bahama hospital, which has enjoyed a “minimal variance” of less than $500,000 from its $20m construction budget. And the New Providence-based Harbourside extended care facility, with a 38-bed capacity, is now “almost complete” to help address the island’s shortage of hospital beds. Mr Deveaux told this newspaper that expansion to Abaco is “an area of discussion for us” in 2025, while Doctors Hospital is now moving to “finalise the business model” for its
By NEIL HARTNELL Tribune Business Editor
THE Association of Bahamas Marinas (ABM) and its payment partner “have been unfairly stripped” by the Government of the online portal they created to collect boating fees, the former’s president is alleging.
Peter Maury, in a letter to Omni Financial Services that railed against the SeaZPass portal’s closure, argued that the Government appeared to have “taken ownership of the intellectual property” for the Internet-based facility that they jointly operated for almost two years
“without proper justification or due process”.
The July 10, 2023, missive that was recently filed with the Supreme Court as part of Omni and the ABM’s claim for $3.473m in damages saw Mr Maury accuse the Government of an “illegal acquisition of an asset” that belonged to the marina group and Omni by purportedly breaching the two sides’ contract.
To operate SeaZPass, which was created as a digital solution for the payment of the 4 percent charter fee and cruising permit by foreign boaters, and to expedite their clearance into this nation, Omni and the ABM signed a ten-year
GOWON BOWE
HOW YOUR COMPANY BUILDS AN ANTI-CORRUPTION CULTURE
Bribery and corruption are pervasive risks that undermine governance, distort market fairness and erode public trust in businesses.
Establishing a robust antibribery and corruption culture is not merely a regulatory requirement in many jurisdictions but a strategic imperative for safeguarding a company’s reputation and ensuring long-term sustainability.
This article will provide a road map for building and sustaining an effective anti-bribery and corruption culture.
Leadership commitment and tone at the top
The foundation of an anti-bribery and corruption culture is leadership commitment. A zero tolerance stance against corruption and bribery must be communicated unequivocally by senior executives and Board members. More than just a symbol, this entails:
* Public declarations of commitment
* Active participation in compliance initiatives
* Keeping senior management and directors as accountable as their employees
Establishing comprehensive policies
Anti-bribery and corruption policies must be robust. Prohibited activities,
reporting procedures and disciplinary actions for non-compliance should be outlined. Effective policies include:
* Clear definitions of bribery and corruption
* Detailed gift, entertainment and donation policies
* Explicit rules on facilitation payments
Organisations such as Transparency International recommend using ISO 37001 (Anti-Bribery Management Systems) to guide the development of a structured approach to antibribery and corruption.
Training and Awareness
Employees and stakeholders benefit from training on risk management, responsibilities and reporting mechanisms.
High-impact training programmes include:
* Role-specific training tailored to higher risk roles such as procurement or sales
* Real world scenarios and case studies to illustrate
the consequences of non-compliance
* Ongoing education reinforced through refreshers and e-learning modules. For example, gamified training modules engage employees and effectively reinforce compliance knowledge. Forbes’ article, ‘The what and why of gamification In employee training’, said: “When a company gamifies employee training, it leverages technology in much more enjoyable, interactive and fun ways.” The article further explained: “It makes it easier for workers to learn new technologies, processes and ways of doing things in a world that continuously uses the power of technology to exponentially increase productivity.”
* Conducting thorough due diligence on third-party vendors, consultants and partners
* Establishing clear segregation of duties to prevent conflicts of interest
* Maintaining meticulous records of financial transactions
Fostering a speak-up culture
The importance of encouraging employees to report unethical behaviour cannot be overstated.
An anonymous reporting channel, such as a hotline or online platform, ensures confidentiality and protection against retaliation. In companies with whistleblower mechanisms, fraud and corruption can be detected and mitigated more effectively.
According to an Association of Certified Fraud Examiners (ACFE) study, 43 percent of fraud cases are discovered through employee tips.
Exuma resort’s bookings down 12-15% for 2024
By FAY SIMMONS
AN Exuma resort’s bookings for 2024 to-date are down by between 12-15
percent year-over-year as business “dipped quite a bit” during the fall. Beverly Brittain, marketing manager for Hideaways at Palm Bay, told Tribune Business that while bookings for the upcoming Christmas holiday period
are still behind 2023 comparisons the resort has increased advertisements to attract last-minute travellers.
“We definitely noticed things dipped quite a bit this fall but, overall, we’re about 12 percent to 15 percent
down from last year,” said Ms Brittian. “This Christmas we’re a little down from last year. We generally are full through the Christmas holidays, but we do have a couple of spaces still open, which sometimes isn’t a bad thing because there are last-minute bookings.
“We’re just now pushing to fill up these final rooms with some last-minute promotions by putting out to our database, and through social media channels, that we have these spaces available, and they’re a great Christmas gift idea to try and fill up.”
Ms Brittain said upgrading Georgetown International Airport will have a positive effect on Exuma’s tourism industry as it will expand airlift and help drive more traffic to the central and southern Bahamas.
“I think it’ll have a positive effect on our business and others in Exuma. I think guests will appreciate having that option once the airport is open and being a hub. Once the development of the new airport is
finished, it will definitely help us and maybe open up for new direct connections,” said Ms Brittain.
“We were excited to hear about the airport, and I guess it’s been in the works for a while, and I think it’ll be great for the other Out Islands as well to give more flight options and airlift as a connector.”
Ms Brittain said the improved airport will help spur economic growth in the Family Islands by enabling them to target new markets through direct flights.
“Once they actually get the ball rolling, before we know it, it will be up and going and we will be benefiting from the larger airport and the longer runway,” she added..
“Hopefully it’s as beautiful as they are saying it’s going to be, because I do believe this will make a big difference for the Family islands, not just Exuma, but especially for stopovers to other Out Islands. It will really open up the Out Islands if we can have bigger markets coming in; Dallas, New York, possibly
Regular monitoring and auditing
Regular audits and continuous monitoring identify vulnerabilities and ensure compliance with anti-bribery and corruption policies.
Proactive companies:
* Conduct periodic risk assessments to adapt policies to emerging threats
* Engage external experts to validate the effectiveness of internal controls
* Monitor high-risk activities such as international operations or government interactions
Accountability and discipline
Consistent enforcement is the key to an antibribery and corruption culture. Regardless of rank, employees and executives must be held accountable for violations. Companies must communicate disciplinary actions publicly to reinforce their commitment
Europe. It will generate some great exposure, so it benefits all of the Out Islands.”
Dr Kenneth Romer, director of aviation, told participants at the Bahama Out Island Promotion Board’s annual meeting that vendors will also benefit from the airport renovations as there will be opportunities for them to sell goods to guests while they wait for their flights.
He said a big part of the Family Island airport designs was to ensure visitors get to experience these destinations from the time they arrive to when they leave. Ms Brittain said all the new activities at the airport will help create marketing opportunities for other businesses in Exuma.
“They’re planning on having more retail space, some restaurants and activities up there that would give us more opportunity to get exposure for our property as well,” she added.
UNIONS, BUSINESS BACK WAGE-SETTING COMMITTEE
By ANNELIA NIXON
BOTH trade unions and the business community have backed proposals to establish a ‘wage setting committee’ that will study issues such as the livable and minimum wages.
The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) joined the Trades Union Congress (TUC) in supporting the National Tripartite Council’s move to form such a committee.
The former said it welcomes “the opportunity for Chamber representation to ensure intricate involvement in an area with great implications for the business community”.
“We are pleased with the proposed establishment of the wage setting committee, and welcome the opportunity for Chamber representation to ensure intricate involvement in an area with great implications for the business community,” Chamber chief executive, Leo Rolle, said.
“Earlier this year, we rejected the notion of an increase in the minimum wage, and our position has not changed for several reasons. Notably, the cost and ease of doing business in The Bahamas is simply too high and too cumbersome to place added pressures on the backs of already-struggling businesses.”
Mr Rolle said factors that negatively impact the ease of doing business include the recent increase in the National Insurance Board (NIB) contribution rate, plus existing Customs duties on imported goods as well as shipping and
logistics costs, plus energy costs.
“While we note that these aspects are the prime catalysts for inflation that perhaps fuels the Government’s assertion toward livable wages, which we consider wages that directly correlate to the cost of living, we proffer that the same must be explored in tandem with empirical data, feasibility studies and contextual relevance to the state of affairs within the business community today,”
Mr Rolle said.
“Apart from the proper studies to determine this, and then discussions on the way forward, we must also take into account requisite skills and employee capacity, productivity and business viability, and profitability, which must all accompany the notion of livable wages.
“Further, there must be serious consideration to the aspects that impact the cost and ease of doing business, and the Government must curate an environment that is conducive for businesses to first survive and then thrive before such a consideration is moved,” Mr Rolle added.
“This could be achieved by concessions, relaxation
NOTICE
of cumbersome processes, incentivising local production of goods and services, and consultation rather than confrontation on key changes or introduction of new requirements across agencies.”
The Chamber is also calling for the launch of the National Apprenticeship Programme once the Board to govern the scheme is appointed, and the Government approves a budget. It is also seeking the continued implementation of the Decent Work Country Programme, the establishment of a National Productivity Council with an approved budget, and the implementation of the Health & Safety Work Act.
Meanwhile, Obie Ferguson, the TUC president, said the wage setting committee’s purpose is to “formulate all of the components thatare required to properly assess a living wage”.
“In other words, we have to look at the cost of living, we have to look at the availability of income, disposable income,” he added.
“We have to do all of the normal economic issues and factors that will influence how we determine a living wage for The Bahamas. So that is why we are part of the committee, and the other unions are also part of the committee.
“So we can take into consideration not just one group of people, but we are going to take into consideration all of the workers in The Bahamas. So when
Re: Supreme Court Equity Action No. 2024/00750
The Petition of Christio Edgecombe in respect of ALL THAT piece, parcel or lot of land owned by the Petitioner and situate on the Eastern side of St Margret’s Road and approximately 100 feet South of Shirley Street in the Eastern District of the island of New Providence which said piece parcel or lot of the land is bounded on the North by land now the property of the Petitioner running thereon One Hundred and One and Twenty Two Hundredths (101.22) feet East by Land now or formerly the Estate of Sir Milo Butler and now or formerly Edward Hanchell and running thereon One Hundred and Nine and Forty Four Hundredths (109.44) feet on the South by land owned by various owners and running thereon One hundred and One and Twenty Hundredths (101.20) feet and on the West by a public road (St Margret’s Road) and running thereon One Hundred and Three and Ninety Hundredths (103.90) feet which said piece parcel or lot of land is more particularly described on or by the plan or diagram fled in this action.
Christio Edgecombe claims to be the legal owner in possession of the land and has made application to the Supreme Court of the Bahamas under the Quieting Titles Act to have his title to the land investigated.
The fled plan may be inspected during normal working hours at:a) The Registry of the Supreme Court, George Streets, Nassau, N. P., Bahamas; or b) Themis Law Chambers, 79 Farrington Road, Nassau, Bahamas.
NOTICE IS HEREBY GIVEN that any person having any adverse claim or claim not recognized in the Petition shall on or before the 31st day of January, A. D. 2025, fle in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verifed by an affdavit to be fled therewith. Failure of any such person to fle and serve a statement of such claim on or before the 31st day of January, A. D. 2025, will operate as a bar to such claim.
we say the living wage should be $350 or living wage should be $1,000 for a family of four, we want that to be statistically a fact.
“So we have to look at all of the economic situation and come up with that kind of recommendation. So that’s where the committee is at this very formative stage at this point.” Mr Ferguson said the committee is in its “early stage” and the National Tripartite Council will involve various organisations who can contribute through the collection of information.
“It’s just that they’re trying to figure out a way how they’re going to go about collecting this information, and they’re going to do a whole bunch of things to make sure it’s allinclusive. And so that is what’s happening,” Mr Ferguson said.
“But there is a working committee made up of the unionists and we are required to comply with the requirements of ILO (International Labour Organisation) because ILO is participating in the process to some degree.
“The idea is to collect information from the various organisations because
it’s going to impact the entire community. So the community has to be a part of it. So they’re going to be sending out information to various organisations to collate the information.
It’s at a very early stage and we have to keep you informed.”
With the ILO playing a pivotal role in the wagesetting committee’s mission, Mr Ferguson said: “We are
preparing preliminary work for the ILO who will be participating in this process. ILO has a very diverse, very comprehensive overview of these type of things. So the ILO will be a part of the process and this will apply to all of the unions working towards establishing the pre-requisite for the living wage committee.”
to anti-bribery and corruption principles. In short, it takes strategic leadership, effective policies and engaged employees to build an antibribery and corruption culture. The integration of these best practices can both ensure compliance with global standards and foster trust among stakeholders, creating an ethical and sustainable business environment.
OBIE FERGUSON
BHTA PRESIDENT STEPS DOWN AFTER TWO CONSECUTIVE TERMS
ROBERT Sands last week handed over the Bahamas Hotel and Tourism Association’s (BHTA) presidency to Jackson Weech after serving two consecutive terms.
The move, which took place at the BHTA’s 72nd annual general meeting, elevated Mr Weech to the top post after he was previously BHTA senior vice-president. Mr Sands, who will continue to serve as immediate past president, said 2023 “aptly illustrated the power of the tourism industry’s resilience” as the sector “soared to record heights of success”.
However, he then delivered a sobering warning about the “tempering of business” in 2024. He reminded attendees that “success is not given, it is earned” after most industry segments - with the exception of the still-growing cruise sector - experienced a “moderation of tourism indicators”.
These included a more pronounced shoulder season during the traditionally slow September-October fall period; an abatement of forward group bookings; lower
occupancy levels and rates; and also a much shorter booking window.
Mr Sands said that while some factors that contributed to the dampening of business were outside The Bahamas’ control, there were contributing factors that the industry can still influence. He urged participants to work collectively and earnestly to address long-standing “in-house issues” that continued to challenge the tourism industry and wider economy.
Some of the “work that must be done”, Mr Sands said, includes “elevating our guest experience to ensure, at every touch point” that The Bahamas showcases the best of itself and does not allow the bad behaviour of the few to negatively impact the good behaviour of the many.
He also implored the Government to ensure all sectors of the industry contribute their fair share in taxes to the product from which they benefit.
Mr Sands said there was a critical need to ensure The Bahamas addresses its infrastructure challenges, and also ensure clean, costeffective energy, water and
FROM L to R: Kerry Fountain, Bahama Out Island
maine Wright, vice-president of Nassau/Paradise Island,
Latia Duncombe, director-general, Ministry of Tourism, Investments and
Weech, newly-elected BHTA president,; Joy Jibrilu, Nassau Paradise Island
Four Seasons Ocean Club; Emmanuel ‘Manny’ Alexiou, newly-elected senior vice-president, BHTA; and Suzanne Pattusch, executive vice-president and corporate secretary, BHTA. waste disposal is available throughout the country.
The outgoing BHTA president said it is also vital that tourists and Bahamians alike are able to access properly-resourced health care facilities, police and fire stations throughout this nation to meet the country’s safety and security needs.
Mr Weech, who will replace Mr Sands, is also vice-president and general manager of operations at Atlantis. Emmanuel “Manny” Alexiou was voted as senior vicepresident, while Vernice Walkine, the BHTA’s vice-president of allied members and Jamal Glover, treasurer, also stepped down from their respective posts.
A MULTILATERAL lender says it has approved a $50m financing facility to support climate change adaptation, as well as economic and social infrastructure projects, throughout the Caribbean.
The Development Bank of Latin America and the Caribbean (CAF), in a statement, said the investment project financing is designed to offer an innovative, agile and flexible funding approach that is tailored to the specific needs of the region.
The facility, approved during CAF’s Board of Directors meeting in San Salvador, El Salvador, last Thursday aims to finance pre-investment projects, promote investments in
Pamela Burnside, proprietor of Creative Nassau, and Chevaz Chambers, Atlantis vice-president and general manager, will now serve as allied vice-president and treasurer, respectively.
Jermaine Wright, general manager of Comfort Suites, will continue to serve as vice-president for Nassau & Paradise Island; Victor Karavias, senior vicepresident of operations for Resorts World Bimini will serve as vice-president for Family Islands on BHTA’s executive committee, and Veronica Clarke, hotel manager at Grand Lucayan, will serve as vice-president for Grand Bahama.
strategic economic and social infrastructure, and promote institutional strengthening through technical support to guarantee the success of the projects.
“With this facility, we seek not only to provide financial resources, but also to promote the integral development of the Caribbean, responding to the particular challenges of each of the countries. Our expansion in the Caribbean is driving us to be even more innovative and flexible to address the urgent needs of SIDS and channel the financing they need,” said Sergio Díaz-Granados, CAF executive president.
The $50m facility will benefit projects with a maximum loan amount
of up to $15m, per operation. The initiative also introduces the flexibility to apply local regulations, and adapt to the regulatory and institutional frameworks of each country in terms of procurement, contracting and compliance with environmental and social safeguards.
During CAF’s Board of Directors meeting, some $2.48bn was also approved for ten countries in Latin America and the Caribbean, which will support resilient infrastructure, accelerate the energy transition, increase productivity and improve urban mobility, environmental sustainability and water and sanitation systems.
Promotion Board; Jillian Williams, Grand Bahama Island Promotion Board; Jer-
BHTA; Russell Miller, executive vice-president of hotel operations, Atlantis;
Aviation; Robert Sands, outgoing president, BHTA; Jackson
Promotion Board; John Conway, general manager, The
Doctors to add 22 jobs via $7.7m Village Road spend
care facility in Rock Sound, Eleuthera, following recent consultations with communities on that island.
Signalling that the healthcare provider remains very much “in growth mode”, the financial chief said of the Village Road plans: “We’re doing great with that. All of the equipment; the typical bottlenecks with advanced imaging and diagnostics are equipment. All the equipment has been purchased and ordered.
“We’ve got into the construction phase. Walls are already framed up. It’s to the south of Master Technicians, the old bowling alley. It’s 10,000 square feet of space with an urgent care facility and full retail pharmacy. It’s quite an added layer of capacity for New Providence, especially for the eastern part of the island, as they don’t have to come into the hospital any more.
“We think construction will be done some time in summer next year. Once construction is done we will determine the time to turn it on. There’s usually a ramp up period. The investment in Village Road stands just under $8m; it’s $7.7m. With staffing levels, we’re likely to add around 22 new staff.”
Doctors Hospital has just under 1,000 total staff, its recently-released 2024 annual report pegging the workforce at 996 and featuring 796 full-time and 200 contracted workers. “We want to focus on growing out network and growing our national capacity,” Mr Deveaux added.
“We continue to progress with Grand Bahama. That hospital is on budget. We’re representing a minimal variance to budget of less than $500,000 on a $20m construction budget. It’s actually less than $500,000. It’s at the lower end of the budget for a hospital.
“We’re being very judicious with the capital budget. I think construction is likely to be done in the summer to fall of 2025. We’re holding to that timeline, and then will reach ramp up time.” As for the Harbourside complex on New Providence, Mr Deveaux said construction was close to completion after several changes in scope.
“Unlike the construction in Grand Bahama, Harbourside had quite a few changes to the scope of the facility to reflect what the needs are in the market,” he told Tribune Business.
“Those changes meant extra time was needed to build it.
“We are now in the final hand over process with the contractor. We’re getting landscaping done, a decision on the parking capacity is almost complete. We’ll make a decision on when we feel ready to open that facility. It has 38 beds onsite. That’s critical capacity for New Providence.
There’s a shortage of bed capacity.
“That facility is virtually complete. Our investors look at the use of cash. That [Harbourside] consumed a fairly significant use of cash. Our total construction costs for that facility roughly approximate what it took us to build the Grand Bahama hospital. It was a fairly significant investment in in-patient capacity in New Providence.”
As for the Family Islands, Mr Deveaux said: “We’ve already given an indication of our plans for a facility in Rock Sound, Eleuthera. We are just finalising our business model. We did the stakeholder consultation in September to understand the community’s need and how we could be complementary to existing facilities like First Medical Centre and Bahama Wellness.
“It’s making sure we overlay and bring capacity that they don’t have on the island, and really being able to partner with them and fill the gap and provide more choice for the people in Eleuthera as well as improve the overall quality of care on the island. The only other area we’re looking at is the island of Abaco. We haven’t made any decision there, but that represents an area of discussion for 2025.”
Dr Charles Diggiss, Doctors Hospital’s president and chief executive, told shareholders in the company’s 2024 annual report: “The Doctors Hospital Village Road Signature Outpatient Diagnostic Imaging Centre, scheduled for opening in financial year 2026, will be equipped with state-of-the-art imaging technology, including advanced MRI, CT scan, ultrasound, X-ray and mammography systems.
“This technology allows for precise diagnostics and enhances the accuracy of medical imaging. The launch of this Imaging Centre represents a transformative step forward in elevating healthcare standards and advancing diagnostic capabilities within our organisation. We are elated about the positive impact this facility will have on improving patient outcomes and enhancing the overall quality of care.”
As for the 25-bed Freeport hospital, which is under construction at the First Commercial Centre, Dr Diggiss added: “The new Rockwell hospital in Grand Bahama is set to open its doors in financial year 2026, and we couldn’t be more thrilled to begin this new chapter in healthcare excellence.
“Rockwell will feature state-of-the-art medical technology, modern amenities and specialised care units to provide the highest quality of healthcare services to our patients in the Grand Bahama community and surrounding areas.”
Dr Diggiss added that close to 18,000 persons were
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MODULO HOLDINGS INC. Company number 208937B
Incorporated under the International Business Companies Act, 2000 (In voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th day of November 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Duncan Rheingans-Yoo, whose address is 100 Nod Hill Rd, Wilton, CT 06897, U.S.A.
Any Person having a claim against the Company is required to send their name, address, and particulars of the claim to the Liquidator on or before 20th December 2024. In default thereof they may be excluded from the beneft of any distribution made before such claim is proved.
Dated 9 December 2024
Duncan Rheingans-Yoo Liquidator
now enjoying improved access to healthcare at all levels. “Our strategic focus on delivering the best value to our customers by leveraging technology and expertise, through the merging of innovation and industry knowledge, is apparent through our Loyalty Advantage Membership Programme (LAMP), which has seen exponential growth in the past year,” he asserted.
“To-date, LAMP has 1,245 active paying members, 8,031 NHI enrollees, 4,500 Baha Mar associates and 5,000 Royal Bahamas Police Force members. LAMP is working toward becoming a viable alternative financing arrangement to manage care at all levels. Via LAMP, we have realised increased affordability of our services by our customers/patients. This financial access tool is one way we optimise our fiscal performance.”
Doctors Hospital management said enrollment in its LAMP scheme grew by 42.2 percent year-over-year during the 12 months to end-January 2024. It added that the plan’s evolution has driven an increased number of patient visits to its care facilities as well as a rise in laboratory tests and diagnostic/imaging visits.
Strong or weak
By CHRIS ILLING CCO @ ActivTrades Corp
Thanks to the ‘red wave’ in the US, the Republicans have also secured a majority in both houses of Congress in addition to Donald Trump recapturing the presidency. The US dollar index, which measures the dollar against a basket of currencies, has climbed to its highest level in a year. This is related to Trump’s announced tariffs and tax cut plans, which are likely to increase inflationary pressures in the US. This is why the US Federal Reserve may become more cautious over interest rate cuts. Higher interest rates generally support a currency.
While the US Federal Reserve could be slower in its interest rate cuts, and thus strengthen the dollar, the European Central Bank could ease its monetary policy even more than it would have done anyway in view of the economic shock caused by declining exports.
Donald Trump is threatening the world with punitive tariffs, but experts are advising Europeans to
react coolly. Because the brutal policies of the future US president could be of little use to him in the end.
Imports from Europe to the US will become more expensive, and US industry is becoming more competitive. At the same time, however, the US dollar is likely to become stronger on the foreign exchange market and the euro correspondingly weaker, which would be good for the European export industry. But then both effects cancel each other out, with the impact of US tariffs on exports fizzling out.
Since the end of September, when the financial markets were betting that Trump would become president again, the US dollar has already appreciated by 7 percent against the euro. The financial markets have therefore already priced in higher US tariffs in some cases.
Mr Trump sometimes flirts with a weak dollar to boost US exports, then again with a strong dollar. He recently warned the so-called BRICS countries, especially the likes of China, Russia and India, not to introduce their own currency at the expense of the dollar. He wants both really. A strong dollar gives him tremendous political power and advantages for the US financial system. Sixty percent of all trade transactions are conducted in dollars, 60 percent of all international bank loans are denominated in dollars, and 70 percent of all foreign currency bonds are issued by foreigners in dollars. And he wants a weaker dollar to reduce the trade and current account deficit. The incoming president must negotiate skillfully with the European and Asian countries once he takes over in January.
Fire response concerns on Water Corp pressure
By ANNELIA NIXON Tribune Business
THE Water and Sewerage Corporation is at odds with Briland residents blaming its low water pressure for challenges in combating a house fire that struck on Friday night.
While water woes are not a new issue in Eleuthera and Harbour Island, the Water & Sewerage Corporation (WSC) argued that low water pressure may have been due to persons using “a non-WSC source” to fight the blaze.
“Based on information available to us, it appears that initial firefighting efforts utilised a non-Water & Sewerage Corporation source rather than connecting directly
to the Water and Sewerage pressurised system,” the Corporation said in a statement.
“This approach may have impacted the consistency of water pressure during the early response. Once our system was engaged, there was adequate water flow to support firefighting efforts.”
The Water & Sewerage Corporation said it responded immediately to the fire once notified and, “within minutes, water pressure across Harbour Island had been increased to 80 psi, ensuring sufficient supply to aid in firefighting efforts.”
In a Water & Sewerage Corporation WhatsApp group chat, one resident who lives in North Eleuthera but works “every day” in Harbour Island, Leatendore Percentie,
called for the Water & Sewerage Corporation to be held “accountable” adding that it should be responsible for repairing the home that caught fire.
“Had the water been available, then the damage would have been limited; a lot more limited than what we see today,” he argued. Mr Percentie, who told Tribune Business he has known the resident whose home caught fire for years, added that the island’s new water tanks were supposed to “basically answer a lot of the interruptions that we’ve been having”.
However, he added that the “reality” is water interruptions are still an issue in Eleuthera and Harbour Island, including during times of emergency. Mr Percentie said that despite the Water & Sewerage
Corporation explaining what happened with water service during the fire, he still believes had the company been up to standard things might have turned out a little differently.
“Now I also understand that at the time of the fire there might have been other situations that have contributed to the situation, the terrible result that we had,” Mr Percentie said. “I understand that, number one, there is a fire truck, but there was no water in the fire truck.
“Number two, I understand that there were hydrants, fire hydrants, at various locations on Harbour Island, and for whatever reason those are not working or had not been checked. And when you look at the structures that were destroyed on
Harbour Island, they were basically wooden structures. And so there was very little window for having an adequate supply of water to fight the fire.
“And, even though Water and Sewerage has gone on record saying that once they were aware of the fire, they dispatched an individual to increase the pressure so the pressure could have flowed more efficiently in the area of the fire, once the fire had started I understand that the water was basically off. That’s my understanding,” Mr Percentie added.
“And to the point where, fortunately, they were nearby the sea and people got buckets and tried to save the property like that. But the reality is, maybe within eight to 10 minutes, Water and Sewerage had indicated that they had
the water up to a pressure where it had flowed through the pipes.
“But where the storage tank is on Harbour Island is at the southern end of Harbour Island. And where the fire was, that’s like going towards the other end of Harbour Island. And so obviously it would have taken some time for, number one, for the pressure to build up, and secondly to have it at sufficient amounts at the scene to fight the fire,” he continued.
“Now I also said basically a lot of it was a wooden structure and a ten, even 20 minutes delay in having good water…this was at night, it was like 11pm at night. And so someone had to discover the fire. Someone had to sound the alarm of the fire.
Fidelity Bank to target ‘venture capital space’
bank accounts in The Bahamas, he explained that Fidelity Bank (Bahamas) has sought to accommodate their needs via a balanced risk-based approach where it will only handle the operational expenses and local activities of IBCs.
Speaking after the institution’s profits for the nine months to end-September 2024 jumped by 32.7 percent year-over-year, increasing by $3.5m from $10.666m for the 2023 comparative period to $14.158m, Mr Bowe said the “inspection under the hood” he spoke of last year to ensure Fidelity Bank (Bahamas) was a well-tuned machine had already paid-off during the year’s first three quarter.
Voicing optimism that the 2024 fourth quarter will produce a similar performance to the three months to end-September, when profits were $5.17m, he added that repeat will take the bank well beyond the
$18m bottom line target set almost one year ago.
“I think we had targeted $1m with a stretch to $20m,” Mr Bowe told Tribune Business. “We did $5m in the third quarter. When you look at the drivers of that they are relatively stable in terms of fee and commission income and interest income.
“We expect the financial performance for the fourth quarter to be consistent with the third quarter. If that holds true we should be between $18m and $20m, but we know things come through the final quarter making sure bills are paid.....
“Our main thing is we want to make sure we have a stable base we can actually build upon. We are not looking for unusual business spikes which revert to provisions that we see with others. We are focused on making sure everything we’re doing is consistent and stable,” he continued.
“We never panicked when we had a decrease in
profitability [in 2023]. We never over-reacted. We recognised there were still profitable elements being observed and just needed to turn them into better profitgenerating opportunities.”
Disclosing that small businesses and entrepreneurs are one potential growth area that Fidelity Bank (Bahamas) is focused on, Mr Bowe revealed:
“We’re looking at how to enter into that venture capital space. Not as a venture capital firm, but how we take a portion of the bank’s equity and instead of using it as a commercial and retail bank in the traditional space, how do we move that into the venture capital space?
“Which means taking a possible risk and taking an equity investment in some of the new small businesses that are emerging. We are seeing positive trends emerging in the logistics space, the retail space, and because of them entering the credit space we see them approaching us to be
not just service providers but business advisers.
“Some of that is going to require us having skin in the game, meaning we may have to contribute not by loans but by equity positions. That’s very new. The Board has given its consent in principle but wants to see how much equity we allocate, how quickly and the nature of the businesses that we participate in.”
Besides its credit card business and traditional loans, Fidelity Bank (Bahamas) also sees potential growth opportunities in meeting the domestic banking needs of locallydomiciled IBCs such as hedge funds that conduct most of their commerce offshore in other jurisdictions.
“Some of that IBC space we are also participating in in that we have received inquiries from that community who are finding it difficult to open bank accounts in The Bahamas,” Mr Bowe told Tribune Business. “We have sought to facilitate the industry on a risk-based approach, taking on operational expenses and local activities that they are doing in the country.”
Looking ahead to 2025, with the economy reverting to its traditional annual growth rates of less than 2 percent now that the post-COVID reflation is complete and employment unlikely to experience a material increase, the
Fidelity Bank (Bahamas) chief said significant loan book expansion is unlikely.
“In that sense, we have to look at how we squeeze, if you will, blood from the stones we have,” he added.
“The actual growth in credit for the year, which is 2024, is less than $100m for the whole industry through the end of October. My main message is, when you look at the $500m lost in COVID, that $100m gain a year, that’s going to take time. It’s positive in terms of forward movement but is not at a pace that inspires excitement....
“I think we’re building the foundation. Last year, when I told you we went under the hood, to use that same analogy, we have changed out all the spark plugs, and changed the hoses, so we have got the engine sounding the way we want it.
“We have stabilisation in the loan portfolio and modest growth. We are seeing some small increases in the loan portfolio but nothing like five years ago and we don’t expect that. If we did there’d be concerns that it was a mirage.”
Despite a decrease in the unemployment rate, Mr Bowe said that in terms of raw numbers there are fewer persons employed now than in 2019 before COVID struck.
Fidelity Bank (Bahamas) loan portfolio has seen little
to no growth year-over-year, standing at $360.174m at end-September 2024 compared to $359.245m at the same point in 2023. However, Mr Bowe said the 39 percent drop in the lender’s loan loss provisions, from $7.459m to $4.555m for the year’s first nine months, reflects the improvement in delinquency recoveries.
“That was a strategic priority for us,” he explained. “We have certainly been more aggressive in the court system so delinquent borrowers know we will meet them in court if they do not pay. We have been more open to restructuring for persons trying to correct their credit history and creditworthiness.”
Fidelity Bank (Bahamas) saw total income for the nine months to endSeptember 2024 increase by more than $4m yearover-year to hit $48.346m as opposed to $44.245m during the same period in the prior year - a gain of 9.3 percent. Much of this came from a 44.5 percent jump in fee and commission income, which rose by more than $2.5m from $5.326m in 2023 to $7.697m.
Describing “imitation as the greatest form of flattery”, Mr Bowe acknowledged that rivals were moving into areas such as merchant acquiring services, but he pledged that the bank will remain the “premier credit card service provider” for both Visa and MasterCard as it possessed both the systems and personnel to drive future growth.
However, Fidelity Bank (Bahamas) general and administrative expenses for the first nine months of 2024 rose by more than $2.5m or 17.2 percent to $17.527m compared to $14.954m in the year-before period. Mr Bowe said $1.5m, or “the bulk” of the $2.5m rise, was directly linked to the growth in fee and commission income and expansion of the card business as every new customer generated an additional cost. Investments in system and cyber security also accounted for part of the general and administrative expense increase. And salaries and employee benefits also rose as Fidelity Bank (Bahamas) ensured it has sufficient staff to “accommodate all business lines”.
‘Improper patronage’ claim in $3.47m boating fee fight
finance, then-minister of transport and housing and the Attorney General, are vehemently denying the Omni and ABM allegations and on November 28, 2024, launched their own counter-claim for “breach of contract”.
The Government is asserting that Omni and the ABM failed to live up to their pledge “to reinvest 10 percent of what they collected for the improvement of navigational aids, infrastructure and training”. And, as the second element of its ‘breach of contract’ counter, it is also arguing that the duo “failed to satisfy the conditions as agreed” for remitting the $4.494m that SeaZPass collected on the Port Department’s behalf.
Besides claiming that reporting on what SeaZPass was collecting was “sporadic”, the Government alleged that despite repeated requests Omni and the ABM never gave it “access to the back end or the end process of the online solution”.
As a result, the Port Department never interacted directly with the foreign boaters applying for, and paying, the 4 percent charter fee and the cruising permits. This, the Government is arguing, made it difficult to match fee payments to the relevant application, which resulted in delays to permit issuance.
“Due to the sporadic timeline in receiving financial data, the [Port] Department was unable to process applications in a timely manner and to provide licences to applicants promptly,” the Government is alleging. “The submission of financial data was not supported with the relevant applications. As a result, this created an additional issue with the reconciliation of funds and certainty in relation to the nature of some funds.
“Further, there was a significant number of cases for refund of fees submitted on the SeaZPass website. Investigation into these matters was lengthy due to the total reliance on the third party, Omni and the ABM, to report the customer’s complaint.”
The Government is also slamming Omni and the ABM’s allegations of defamation as “unfounded and baseless”, while making similar allegations of its own against Mr Maury, who is acting in his capacity as ABM trustee in the lawsuit. It added that it will produce these purported defamatory statements should the case ever make it to trial.
The legal battle, though, with its claims of “political” and “patronage” reasons for why the Ministry of Finance demanded on October 7, 2022, that SeaZPass be shut down has broken out at a particularly sensitive time for the Government given that it is grappling
NOTICE
NOTICE is hereby given that RUBY MAY GREEN of #22 Mount Tabor Estate, 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 2nd day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
with the fall-out from the US indictment accusing 11 Bahamians - including three law enforcement officersof participating in a drug trafficking and corruption conspiracy.
And it also places the spotlight back on two contract awards, the subject of previous political controversy, which were intended to replace the portal offered by Omni and the ABM. Valued at a collective $6.75m, these are the contracts awarded to DigieSoft Technologies to develop an alternative boating fee portal plus the bid won by Adolpha Maritime Group for the nationwide provision of maritime navigational aids.
Omni, in its statement of claim, alleged that the public attacks against it “were part of a deliberate and malicious plot to injure the claimants while publicly obfuscating the unlawful political and/or improper and unlawful patronage involving the Government of The Bahamas and the recipient of the fruits of its illegal breach of contract”.
While providing no evidence or assertions to back its claims, Omni nevertheless pledged that “the truth of the said impropriety will be revealed in the discovery process” leading up to a Supreme Court trial. Numerous questions were previously raised over why the Government was committing millions of taxpayer dollars to fund the
DigieSoft contract when Omni and the ABM had already provided a solution at no upfront cost.
Meanwhile, Mr Morris and Omni asserted that Deloitte & Touche’s investigation has confirmed that there was no justification for Mr Wilson and the Ministry of Finance to, on October 7, 2024, demand that they “disable the SeaZPass portal on the basis that there were outstanding funds due to the Government”.
The SeaZPass portal had been in operation for almost two years up to that point, having launched in December 2020, and Mr Morris said the Ministry of Finance was unable to produce a statement or specify how much money was outstanding when asked.
“Omni has never received a query for outstanding funds or an incorrect settlement amount from the Port Department or Ministry of Finance,” he added.
“During the period of negotiations, our attempts to reach an amicable resolution with the Ministry of Finance were thwarted as the Ministry of Finance was unable or unwilling to provide any statements or details on the amounts paid in, save for the October 22, 2022, report.”
Reiterating that a gross $4.493m in cruising permit and yacht charter fees were collected via SeaZPass, which was less than the $5m maximum stated to be missing by Mr Wilson,
NOTICE
NOTICE is hereby given that VINCENT LOUISIUS of Deep Creek, Eleuthera, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
the Omni chief asserted that “the full amount, less any fees and bank charges, has been repatriated to the Government”.
“There is an ongoing audit being conducted by Deloitte & Touche of the funds collected by SeaZPass,” Omni asserted in its claim. “Based on the results to-date, which covers 90 percent of the collections, there is a nominal difference of $43,664 or 1 percent which indicates an error on the DigiPay side.”
DigiPay is the Government’s own online public services payment portal, which SeaZPass was linked to for much of its existence. Omni’s own records showed it had collected a net $4.331m compared to DigiPay’s $4.287m.
Mr Morris drew on his latest September 2024 communication with Deloitte & Touche, in which the accounting firm said it had found “reconciling items” to explain the final $43,664 difference between Omni’s own records and the Government’s for what had been collected via SeaZPass.
In a September 18, 2024, e-mail to Grevie Neymour at Deloitte & Touche, he asked: “Can you please confirm that you have already identified which invoices that are missing from the DigiPay system as Omni has reported $43,664 higher than the Government.”
The Omni chief also asked for confirmation that the
Government had received the $4.214m in fees shown in the payment provider’s records.
Ms Neymour replied one week later on September 23, 2024, stating: “Yes, I can confirm that we, Deloitte, have identified reconciling items that would account for the difference of $43,664.....
The Government of The Bahamas will respond to you directly advising of the total amount received with reference to SeaZPass.” Omni and the ABM, denying that they had ever breached the SeaZPass contract, reiterated: “The amounts claimed to be outstanding were settled in the normal course of business. Prior to the actions of the Ministry of Finance and its representatives, Omni was a well-known brand in the financial services sector having been recognised locally as a pioneer in the provision of transfer services.
“During the preceding period, the Government of The Bahamas had turned to Omni on multiple occasions to develop and implement several unique banking solutions. The unwarranted cessation of Omni/ABM services has caused irreparable damage to Omni and the ABM’s brands. The announcements in the public domain..., which were untrue, have severely hampered Omni/ABM
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NOTICE is hereby given that RENÉE REGNIER of Fox Hill South off Joe Farrington Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
contract with the Ministry of Finance - called an electronic licensing solution agreement - in October 2020. This stipulated that the Government could only terminate the agreement if Omni and/or the ABM failed to cure a so-called “material breach” after being given 30 days’ notice, or if the two private sector partners ceased to exist or became the subject of bankruptcy, insolvency or receivership proceedings.
Instead, Omni and the ABM are arguing in their “breach of contract” claim that the ten-year deal was - and never has beenproperly terminated by the Government. They were ordered to “disable” it on October 7, 2022, by Simon Wilson, the Ministry of Finance’s financial secretary, on the basis that not all boating fees paid through SeaZPass had been passed on to the Public Treasury.
That is being vehemently disputed by Omni and Mr Maury, in his capacity as ABM trustee, as they argue that the Government and the accounting firm it hired to examine the fee collection process have yet to supply any evidence to
show outstanding monies were not paid over. Mr Maury, in his July 10, 2023, letter to Harvey Morris, Omni’s principal, voiced “deep concern” over what he described as “the apparently illegal actions” taken against the provider which supplied the payment platform for the SeaZpass portal solution. “From the information available to me, the Government has taken ownership of the intellectual property of the portal that was run by the ABM without proper justification or due process,” Mr Maury wrote. “Such actions raise fundamental questions about transparency, accountability and the rule of law.
“Omni Financial Services, which has been entrusted with the management and operation of the marinas’ online collection platform, seems to have been unfairly stripped of its rights and property.... The licence agreement that was given to the ABM by the Government was to provide easy online access to pay charter fees for all yachts chartering in The Bahamas.”
Asserting that it was “important to establish whether legal procedures were followed”, Mr Maury added that the agreement
with the Government called for Omni to receive a 1.5 percent fee, or commission, per transaction for processing the fee payment. A further 2 percent was to be used by the ABM to finance the restoration of navigational aids around The Bahamas, with the remainder going to the Public Treasury.
“The Bahamas has a reputation as a destination that respects the rights of individuals and businesses, upholds the principles of justice and fosters an environment conducive to investment and growth,” Mr Maury added. “This illegal acquisition of an asset of the ABM by the Government tarnishes this reputation and undermines the confidence of both local and international investors.”
Recalling the October 7, 2022, meeting during which Mr Wilson told him to shut SeaZPass down, Mr Maury asked “if we could keep the portal running as it is a great convenience to our guests and keeps the traffic flowing”. He informed Mr Morris that the financial secretary replied that the Government “would consider a new payment platform” and suggest which one to use.
The ABM chief added that he asked the Port Department’s commander, Berne Wright, if the agency had a way to collect the charter and permit fees in SeaZPass’s absence. He allegedly replied in the affirmative, and Mr Maury wrote: “I immediately asked Commander Wright and Mr Wilson to show me how it works so that I could share it with the other marinas and the yacht captains.
“They fiddled around on the web browser and were unable to show me how to sign up or process a fee payment. The only viable payment platform that actually functions is the ABM’s portal and, as far as we know, this is still the case.”
Nevertheless, immediately after that meeting on the very same day, Mr Maury received a letter from Commander Wright ordering that SeaZPass be disabled.
“I replied to Commander Wright that he did not have the authority to cancel the licence as this was passed in Cabinet and approved by the minister of finance/ deputy prime minister [K Peter Turnquest] and the Prime Minister,” Mr Maury added.
Omni and the ABM, in their joint claim filed on October 28, 2024,
reiterated their assertion that the demand to shut down SeaZPass represented a breach of their 10-year contract and that Commander Wright had “unlawfully issued a directive”.
They asserted that the electronic licensing solution agreement, dated October 16, 2020, “remains in effect to-date by reason of the unlawful acts” of the Government “and the nonacceptance by the claimants of the repudiatory breach of the contract”.
However, the Government, in its defence and counter-claim against Omni and the ABM, alleged that SeaZPass was “highly ineffective” due to what it asserted was the inability to remit funds collected to
the Government on a timely basis.
“The Omni/ABM platform was for the collection of 4 percent charter fees, which constitutes a fraction of the Port Department’s regulatory role,” the Government added.
“Additionally, the platform created by Omni and the ABM was beyond the scope of the contractual agreement in that the claimants not only collected 4 percent charter fees as agreed, but went way beyond the agreed terms and conducted administrative functions in breach of the agreement.
“The Port Department never received access to the back-end of the solution. Hence there was no engagement between the Port Department and the customer.”