Fortis Fund Services (Bahamas) Limited, formerly Mees Pierson - The Fund Administrator of The $257 Million Collapsed Oracle Fund Settles with Investors

But The Details of The Settlement with Fortis Fund Services (Bahamas) Limited and The Investors in the Collapsed Oracle Fund  are being Kept Confidential

Investors Settle Mutual Fund

By Candia Dames

Nassau, The Bahamas

candiadames@hotmail.com

23/01/2004

Wealthy international investors who lost millions of dollars in the failed Oracle Fund have reached a settlement with the fund's administrator, bringing to a close another chapter in the much-publicized debacle.

Attorneys representing the investors were before the Supreme Court this week seeking to recover millions of dollars in losses suffered as a result of the collapsed fund.

The announcement of a settlement between the Hong Kong Shanghai Banking Corporation (HSBC) and Fortis Fund Services (Bahamas) Limited, formerly Mees Pierson, which administered the fund; and another settlement between Union Bank of Switzerland (UBS) and Fortis was made before Justice Hugh Small Thursday afternoon.

But details regarding the settlement are being kept confidential.

The case is set to continue in the Supreme Court next Wednesday as Hunter Douglas, a home products corporation, another major investor in the fund, continues with its action.

The $257 million Oracle Fund was registered on February 26, 1997 as an authorized mutual fund but collapsed in 2000, with the blame resting at the feet of Fortis.

The investors accused Fortis of "misrepresentation and breaches of statutory duty" which allegedly resulted in the fund losing a substantial amount of money.

Losses reportedly totaled at least $160 million.

Investors soon began demanding their money after the Securities Commission determined that Fortis carried on the business of administering the Oracle Fund "in a manner which was prejudicial to the investors and/or creditors of the said Mutual Fund."

There are two actions being heard simultaneously before Justice Small regarding this matter.

In a yet another action, the liquidators in the matter sued the fund's director and administrator and reached a settlement last year.

After the Commission ordered that Fortis discontinue administering the fund, smaller investors joined larger investors from around the world in filing complaints to the Commission.

Several years after the collapse, shareholders were still fighting over some of the money recovered by the liquidators.

The Commission had also issued an order preventing Fortis from licensing any additional funds.  Plaintiffs claim that Fortis did not follow investment guidelines, which led to the Oracle collapse.

The administrator reportedly made poor investments, a source on the Securities Commission at the time of the collapse told the Journal.

The fund was reportedly suspended because there was a problem regarding the valuation of its assets.

Past Journal investigations indicated that Fortis invested in a New Jersey-based company known as the Breen Capital Group, which issued promissory notes.  The company then reportedly bought tax lien certificates with the intentions of fulfilling its obligations to pay off the debt.  But that investment proved to be a bad one, the Commission determined.

The Commission source said during the time of the collapse that regulators had determined that a "financial blow up of monumental proportions" was brewing.

College of The Bahamas (COB) President, Dr. Leon Higgs Struggles to Hold On to His Job

Dr. Leon Higgs is The Fifth President of The College of The Bahamas (COB)

Higgs’ Job On The Line

By Candia Dames

Nassau, The Bahamas

candiadames@hotmail.com

21/01/2004

College of The Bahamas President Dr. Leon Higgs is embattled as he struggles to hold on to his job.

Members of the College Council interviewed Dr. Higgs yesterday, but that meeting turned out to be more of an assessment of his performance as president, resulting in Dr. Higgs becoming angered by the whole process, according to sources within the college community.

The COB president, meanwhile, has been phoning Cabinet Ministers asking them to intercede on his behalf, the Journal has learnt.

Since his appointment in November 1998, Dr. Higgs has faced opposition from some members of his executive team, who had applied for the top post after the resignation of former President Dr. Keva Bethel.

Among those who had sought the position are Executive Vice President Dr. Rhonda Chipman-Johnson and Vice President of Research and Planning Dr. Pandora Johnson.

The Journal has learnt that a recent independent study conducted on the college's staff and faculty indicated several weaknesses in all areas of the institution.

Council Chairman Dr. Franklyn Wilson is said to be playing a large role in shaking the college up as it is being prepared for university status.  In fact, Prime Minister Perry Christie praised Mr. Wilson this week for what he sees as the positive changes that have taken place under the chairman's leadership.

But some faculty members at the college believe that Mr. Wilson may be micromanaging and even usurping the authority of the president.

Dr. Higgs reportedly feels that he is not receiving the support he should be receiving from the Council.

Many others believe that the whole process is humiliating Dr. Higgs as he is being made to explain why he should stay on at the college.

When his five-year contract expired last year, the Council asked him to stay on, but to wait a year before his contract is reconsidered.  According to Mr. Wilson, it was a "courtesy" Dr. Higgs agreed to extend to the Council.

The Journal has learnt that among those waiting in the wings, seeking to become the next president of the college, are Dr. Pandora Johnson, who as mentioned is an executive at the college; and Dr. Norris Stubbs; Dr. Charles Taylor; and Dr. Sidney McPhee, all Bahamian educators residing in the United States.

 

Dr. Higgs was on Tuesday out of office, but in a previous interview with the Bahama Journal he said that he was interested in staying on for another term.

"I believe that there is much work to be done in this institution," he said.  "I think this is an important institution in the life of this country and I would like to continue to be a part of its development."

He also said that there has been some degree of tension between him and other members of the college's executive team who had been overlooked for the position of college president.

At that time, the council was advertising executive positions, including that of president, in local and international publications.  It is the policy of the institution to advertise such positions when contracts expire, even if the incumbents wish to negotiate new contracts.

Mr. Wilson had explained that the college was undergoing a "leadership review."

Some executives of the institution had also threatened to take legal action after learning that they were being stripped of tenure and placed on contract.

The Journal also reported last month that senior managers of the college are in for a shake-up by the middle of this year, if the Council executes restructuring plans that have been mapped out.

The realignment of the college's management is set to take place by July as an essential step in the transition to university status, according to Mr. Wilson.

While some senior management positions will be abolished and the responsibilities attached to others revised, the council also intends to create new positions.

Mr. Wilson communicated as much in an extensive statement on COB, which tackled the most pressing issues facing the country's premier tertiary level institution and plans for change.  That statement ran in local newspapers several weeks ago.

Mr. Wilson, meanwhile, has insisted that it is not the council's intension to treat Dr. Higgs unfairly.

A native of Andros, Dr. Higgs was the director of training at The Bahamas Technical and Vocational Institute before being appointed to his present post.

In 1998, he was said to be brilliant during the rounds of interviews and was selected for the presidency over 10 other Bahamian applicants who were all holders of doctorate degrees. In its evening edition on Tuesday, July 7, 1998, the Journal in breaking the story on Dr. Higgs' appointed noted that, "Several lecturers at COB are on record as saying a focused man such as Dr. Higgs comes well qualified for the post."

He received his doctoral degree in administration curriculum and instruction from the University of Nebraska and spent 13 years in top positions at various colleges and universities in the United States before returning home in 1995 to serve as the Assistant General Manager of Human Resources at the Water and Sewerage Corporation.

Dr. Higgs is the fifth president of COB. 

Suisse Security Bank and Trust Limited Appeal The Revocation of Their License by The Central Bank of The Bahamas

Bank Causes Distress

By Candia Dames

Nassau, The Bahamas

candiadames@hotmail.com

20/01/2004

...one of the failings of The Bahamas, as a premier financial services jurisdiction is that parties usually are unable to have their cases heard "in a timely fashion."

The country's financial services sector is receiving a black eye in the international arena with scores of depositors and creditors of Suisse Security Bank and Trust Limited demanding that they receive the millions of dollars they had in the institution.

Their money is being held up as a court matter drags on nearly three years after Central Bank Governor Julian Francis revoked the bank's license on the ground that Suisse Security was carrying on its business in a manner detrimental to the public's interest and the interests of its depositors and other creditors.

The Journal has now learnt that parties involved in the matter are becoming increasingly frustrated over what they perceive to be "the lackadaisical attitude of the court" and a significant backlog of cases in the system that is "slowing down the process of justice."

Meanwhile, Raymond Winder, provisional liquidator in the matter, continues to be inundated by requests from angry clients who are unable to receive any money because the legal matter is still ongoing.

For more than two years, he has faced the task of informing the creditors and depositors that their funds remain frozen.

In one of his reports to the Supreme Court, this one dated August 2002, Mr. Winder said that, "As provisional liquidator I continue to receive an abundance of telephone calls from depositors and creditors of the Bank."

Following the governor's action on April 2, 2001 to revoke the bank's license, Suisse Security filed a notice in the Supreme Court challenging the revocation order.

Last April, Justice Austin Davis dismissed the bank's case, but the bank appealed the decision.

Suisse Security officials responded to last April's ruling saying that it was "most disappointing and an outrage."

The Central Bank, meanwhile, in its response, said it was "pleased that the statutory appeal brought against its decision to revoke the bank and trust license of Suisse Security Bank and Trust Limited (SSBT) has now been decided.  The Bank is satisfied with the decision relating to the appeal."

But no date has been set yet for the appeal.

"We are awaiting a date from the court," said Mr. Winder, a Certified Public Accountant and partner in Deloitte & Touche.  He added Monday that his powers as a liquidator were limited given that the matter has not yet been resolved.

But Mr. Winder pointed out that he could not make any further comments given that the case is before the courts.

As provisional liquidator, he has the power to take possession of, collect, and protect the assets of the bank, but not to distribute those funds until further order.

His task has clearly not been an easy one.

In the report mentioned earlier, Mr. Winder said that, "On the morning of April 9, 2001, prior to receiving the Order of my appointment of Provisional Liquidator, I learned that Messrs. Michel Harajchi, Derek Ryan, Christopher Lunn and Wendell Ferguson had broken into and gained access to the Bank's premises."

He also said at the time that former officials of the bank had reactivated their web page, informing that they could be contacted for updates on what was happening at the bank.

 A source close to the case expressed frustration Monday that the matter has not yet been heard on appeal.  But he spoke anonymously because of the status of the case.

"This sheds a terrible light on [the jurisdiction]," he said.  "The matter is just sitting there."

The source also noted that one of the failings of The Bahamas, as a premier financial services jurisdiction is that parties usually are unable to have their cases heard "in a timely fashion."

Throughout the proceedings, the bank's chairman, Mohammed Harajchi, has said that he plans to reopen his institution, insisting that Governor Francis erred in his decision to shut the bank down.

The Role of The Government and Opposition in Trade Unions & Industrial Disputes in The Bahamas

The Politics of Trade Unions & Industrial Disputes in The Bahamas 

Trade Unions & Industrial Disputes – Part 2

By Apostle Cedric Moss
Nassau, The Bahamas

It was my intent to conclude my commentary on this subject today.  However, having decided to say more than I initially intended, the Lord willing, I will conclude next week.

At the time of this writing, January 12, 2004, negotiations between The Bahamas Hotel Catering & Allied Workers Union (BHC) and The Bahamas Hotel Employers Association (BHEA) continue and we continue to pray that they are concluded soon in a just manner for all.

About Sickouts

I recall several weeks ago listening to the news reports covering the Bahamasair sickout, the resulting pay cuts and the protests by the union regarding those pay cuts.  I listened in sheer amazement as I heard a union official admit they staged a sickout and at the same time complained that their pay should not have been cut.  That does not add up!  Clearly, companies have the right to cut the salaries of employees who stay off from work when they (or dependents, if allowed) are not sick, even if it is one or two days for which they are not required to produce a doctors certificate evidencing their sickness.  This right to cut is especially evident when they or their representatives publicly acknowledge that a sickout was staged.

Sick days are for the specific purpose for which they are earmarked…sickness, and not for making a point to management in union negotiations or for any other purpose.  The tragedy of such actions is that workers are paid for work they did not do, adding to the company’s actual losses suffered and future losses coming from disgruntled customers as a result of the sick out.  Hopefully, that correct and courageous action of the Board of Bahamasair (to cut the pay of those involved in the sickout) will go a long way in discouraging this practice in our nation.

Sadly, many employees feel as though sick days are their entitlement, whether they are sick or not, and some ensure that they “use up” their sick days in a given year, sometimes to do things sick people can’t or shouldn’t do.

Christians & Industrial Disputes

It is reasonable to conclude that in a nation like The Bahamas, many Christians are involved in industrial disputes, on both the union and management sides.  However, whether on the side of union or management, Christians have to ensure that their allegiance is first to Christ and His Kingdom, and not the union or management constituency they are a part of or represent.  For example, Christians ought not to condone or participate in go slows, sickouts and similar practices because they misrepresent the values of the Kingdom of God.  Likewise, those who follow Christ and serve in management or on management negotiation teams should not victimize and intimidate workers or unjustly withhold fair compensation because such actions misrepresent the values of the Kingdom of God to which they owe their primary citizenship.  Christians on both sides must abstain from practices that are contrary to the Kingdom way.

Role of Government

When negotiations in some high profile industrial disputes stalemate, governments generally intervene as we are seeing in the case of BHC and BHEA.  While it is important for them to intervene, it is also important for them to speak candidly to both sides.  If in the government’s view one side is being unreasonable or unfair or if both are, it should be pointed out clearly and candidly.  Please note: I am not implying that the government is not doing this in the present dispute…I don’t know.  I state it generally because the unfortunate reality is that far too many governments wrongly pander towards workers for votes or towards powerful investors for jobs - and at times lack the courage to take the right position for fear of political fall out.

Governments are elected to lead in the country’s best interest and not their party’s best interest, even if it means offending large amounts of voters in powerful trade unions or large investor cartels.  One thing is certain: opting for the easy political road in disputes does not solve problems.  It merely defers and compounds the problem, which will have to be dealt with eventually at a higher cost.  So our prayers are with the government to lead in this matter in our national best interest.

Role of the Opposition

Clearly, this industrial dispute between BHC and BHEA is a prime example of an issue which the government and opposition should be able be bipartisan about and visibly work together on.  Sadly, this does not seem to be the case as was evidenced in the FNM’s objection to Prime Minister Christie’s public apology to President Thabo Embeki and their call for him to now apologize to the workers.  While they may be sincerely convicted about their position, it seems to me they were playing politics and seeking to curry favour with workers for obvious reasons.  That, in my view, was not helpful, especially considering the gravity of this situation.

First of all, President Embeki was in a sense the guest of all Bahamian citizens and residents, and the apology ought to have been public because the inconvenience and embarrassment were public.  I wonder if those objecting to the Prime Minister’s public apology would feel the same way if they had invited a guest to their home for a few days and one of two family members involved in a domestic dispute acted in a manner that unnecessarily inconvenienced their guest and embarrassed them.  I know I’m speculating but I think they would promptly apologize to the guest in front of those present (and further discipline the family member when the guest leaves).  Doing so would honour the guest, enable all present to know such conduct is unacceptable and hopefully ensure it does not happen again.

So, I urge the Opposition to take a bipartisan approach to the BHC and BHEA negotiations and other issues that are not political but national.

Apostle Cedric Moss serves as Senior Pastor at Kingdom Life World Outreach Centre. Commentary and feedback may be directed to: apostle@kingdom-life.org.

The Clifton Property Bill to Establish the Clifton Heritage Authority Is Scheduled For Parliamentary Debate

The Official Opposition, Free National Movement (FNM) Party Parliamentarians Will Not Dispute The Core Issue of Turning The Clifton Property into a National Park 

Bahamas Government To Move On Clifton

By Candia Dames

candiadames@hotmail.com

15/01/2004

The large parcel of land on the western tip of New Providence known as the Clifton property has long been in limbo.

But that could soon come to an end.

As Members of Parliament prepare to begin debate on a bill to establish the Clifton Heritage Authority, the spotlight could again be placed on the controversy over the property that once ignited passionate debate that reached a fever pitch several years back.

Opposition Whip in the House Brent Symonette told the Bahama Journal Wednesday that there are questions that will no doubt arise regarding whether the Authority will be truly independent.

He said he expects "an interesting and heated debate."  But he noted that the opposition should not dispute the core issue - that is turning the land into a national park.

Five years ago, some members of the Free National Movement Government supported turning the area into a multimillion-dollar gated community with then Deputy Prime Minister Frank Watson insisting that, "the development will bring a stream of returning tourists year after year...it will provide any number of other jobs in the tourism industry."

Since that debate died down, the property, which was the site of significant archaeological finds, has remained untouched.

Among other things, the Authority would lead the way in raising money for the government to pay for the land, which is estimated by some to be worth about $20 million.  The government intends to issue bonds in this respect.

In 1989, the then government acquired the property from Nancy Oakes, who now resides in London.

The matter has stretched three administrations, but Ms. Oakes, now ailing, never received payment for the land.

Her attorney, Paul Adderley, told the Bahama Journal Wednesday that before the present government came up with this new option to pay for the property, she had been interested in getting the property back.

"The Constitution provides for prompt payment," he noted.

Mr. Adderley also pointed out that Ms. Oakes "is not as rich as people think she is" and he intimated that the payment would be long overdue.

Establishing a national park at the Clifton property would be a fulfillment of a Progressive Liberal Party campaign promise.  In fact, Mr. Symonette believes the debate in parliament will turn into a "political football."

In early 1999, the PLP, while in opposition, joined the tide of strong resistance to the Clifton Cay development proposed at the time.  Prime Minister Perry Christie, while in opposition, said he believed that the development would have placed in foreign hands far too much of the extremely scares natural resources that exist in New Providence.

Mr. Christie said he believed that the government should have retained the full 600 acres of land in trust for the Bahamian people.  The portion of land that would be under the Authority's control would be 208 acres.

"If the government can raise $20 million to fund the cost of a new bridge to the Sun International Resort (now Kerzner International) it can surely apply the same ingenuity to raise a lesser amount of capital to hold the Clifton Cay property in trust for present and future generations of Bahamians,"  Mr. Christie told the Bahama Journal in February, 1999.

American investors, James Anthony and James Chaffin, were in 1999 pushing a plan to turn Clifton into a $400 million gated community, a proposal that was so strongly opposed by some Bahamians, the investors soon packed up and left town.

Now, Clifton appears to face future persons who had opposed the development had been pushing for.

The bill before parliament would give the Authority to be established the power to "hold, manage, maintain, preserve, promote and develop [the property] as a national park and historic cultural heritage site."

The Authority would also enter into archaeological and other joint ventures with persons and entities of international and unimpeachable repute.

It would no doubt be a bit of a victory for the Coalition to Save Clifton Cay, which has quieted since debate on the property fizzled, but, according to its leader, has continued to review developments regarding the property.

Vice President of the Senate Dr. C. B. Moss, who helped form the Coalition several years ago, said the group supports the bill, but has some "minor" concerns.

But Rev. Moss added, "We think that the spirit of the proposed legislation would provide adequate protection for what we want to see there."

Weak Leadership Concerns about The Bahamas Hotel Catering & Allied Workers Union (BHCAWU)

Former Leaders of The Hotel Union are Very Concerned and Disappointed" in The Direction the Union is Headed

Hotel Union "In Reverse" - Says Former VP

By Candia Dames

Candiadames@hotmail.com

14/01/2004

The weather is rough and the hotel union needs a strong captain, according to its former Vice President Alexander Thompson.

In an interview with the Bahama Journal Tuesday, he said if former union President Thomas Bastian were still in charge, the present contract negotiations with the Hotel Employers Association would have ended long ago.

Mr. Thompson, 66, who served as vice president of the union for 12 years, said his former colleague, Mr. Bain, is a "good person", but a "weak leader."

"The president can not be hot and cold at the same time.  He has to make decisions," Mr. Thompson said, while noting that Mr. Bastian was "very concerned and disappointed" in the direction the union was headed.

He noted that under the leadership of Mr. Bain, the union did not have the skills needed to hold on to Worker's Bank, which was bought by Bank of The Bahamas.

"I think Mr. Bain likes to please everybody and that can't happen," he added.  "The employers don't seem to have a high regard for leadership of the union."

Mr. Thompson also intimated that he and Mr. Bastian were pained by what they perceived to be the slow progress made by the union under Mr. Bain's leadership.

"[Mr. Bastian] is concerned because we've put so much years into this union and that wasn't easy," Mr. Thompson said.  "He's concerned for the union and for the workers."

But not all trade unionists agree that Mr. Bain is a weak leader.

Frank Carter, former president of the Airport Airline and Allied Workers Union, believes that Mr. Bain has simply been getting a bad rap and that there is a bias against him in the media.

"It's mainly because the employers have been very successful in getting their propaganda out and unions usually lose the public relations battle.  We don't have the sort of financial resources or the friends in the media like the employers," said Mr. Carter, who is also the 1st vice president of the umbrella organization, the National Congress of Trade Unions, which Mr. Bain also heads.

He said, "I think Mr. Bain tries to listen to all points of view. He tries to be more inclusive of the views of his executive team to come to positions by consensus. His style is just different from Thomas Bastian's, whose style was different from David Knowles'."

Mr. Carter is now the principal of an industrial and labour relations consultancy firm in Palmdale. He said that it is not unusual for the union and the association to still be negotiating a new agreement after 16 months.

"I'm not surprised," Mr. Carter said. "If you look at other negotiations in The Bahamas over the years and negotiations in other jurisdictions, you would find that this is not so much out of the ordinary. I believe the high visibility and at times the public pronouncements by both sides and also the concerns of the government have brought more attention to these negotiations."

He said he once negotiated for 22 months with Bahamasair for a new contract.

"Sometimes it is very difficult," Mr. Carter pointed out.  "So I can understand [the difficulty faced by] Brother Pat Bain and his team and I can also understand [the difficulty faced by] Mr. Barrie Farrington who heads the employers' team."

Mr. Carter added that members of the union's executive team were working well together and to suggest otherwise would be incorrect.

But Mr. Thompson has doubts about that.

"They have some serious problems as I understand it," he told the Bahama Journal.

 Mr. Thompson, who has been out of active trade unionism for a few years, advised Mr. Bain to be willing to give up more, although he acknowledged that he had no inside information on the talks.

"You never get what you want," he said.

But Mr. Thompson conceded that the 12 percent salary increase the union is demanding is reasonable.

"If you look at the workers at the lower end, people in the kitchen and the garden, that's not really doing too much for them," he said.

Government officials mediating the talks expect that the matter will come to a head before the end of the week. 

The Bahamas Prime Minister, Perry Christie in Talks with Investor Interested in Pumping $1 Billion into Cable Beach

The Bahamas Government and The Investor are Reportedly in The Final Stages of Negotiations for Cable Beach Properties

Big Money For Cable Beach

By Candia Dames

Nassau, The Bahamas

13/01/2004

 

 

Prime Minister Perry Christie is expected to spend some time in Monterrey, Mexico negotiating for the redevelopment of the Cable Beach Strip, while attending a special Summit of the Americas.

Government officials, including the prime minister, have recently been pointing to the urgent need to improve conditions at properties on Cable Beach.

Mr. Christie announced recently that he is talking to an investor interested in pumping $1 billion into Cable Beach.

The government and the investor are reportedly in the final stages of negotiations and a heads of agreement was being prepared for signature for a development along the Strip.

Meanwhile, saying that he has no immediate plans to sell his resort, owner of the Wyndham Nassau Resort and Crystal Palace Casino Phil Ruffin said Monday that he is taking out a new loan on the property to carry out much needed upgrades.

Mr. Ruffin, in an interview with the Bahama Journal from Wichita, Kansas, said he is aware that the Cable Beach Strip needs to be revitalized and refinancing would help his company secure the cash it needs for the improvements to take place.

"It will give us $25 million in surplus cash to upgrade the property," he said.

The Wyndham is in deep debt and in an apparent bid to get value on his property; Mr. Ruffin wants to invest millions of dollars into it.

Some sources insist the government is in the process of forcing Mr. Ruffin out and he is said to be looking for the best deal to get out.

Mr. Ruffin, one of the richest people in America with an estimated net worth of $750 million, said the new loan should be in place by the end of the month.

His hotel continues to face crushing competition from the Atlantis Paradise Island Resort, owned by hotel mogul, Sol Kerzner.

Mr. Ruffin said he is aware of such competition and that business has been "horrible" over the last couple years.

Meanwhile, Atlantis, which is now undergoing a $600 million expansion, has been reporting record profits.

Mr. Ruffin told the Journal that things are finally beginning to pick up.

"It's coming back," Mr. Ruffin said.  "I think sales are up 32 points in 2004 and the bookings look good. That's when you start doing things."

Speculation has been rife about the planned sale of the Wyndham, but Mr. Ruffin said no contracts to that effect have been signed.

"We have a couple of people kicking the tires, different companies," he said. "But at this time there is no formal offer."

But Mr. Ruffin added, "We're always open to the sale of any of our assets if the price is right."

He also responded to an exclusive report in the Bahama Journal several months ago revealing that his hotel owes the government more than $10 million in casino taxes.

When asked when he intended to pay, Mr. Ruffin said he didn't think that was a relevant question to be asked of him.

But he did say, "It'll be corrected."

Mr. Ruffin then added, "We paid full taxes for 10 years, while Atlantis paid half.  They had a significant advantage over us."

The Ruffin name is also a big name in gaming circles in Las Vegas.  He told a local paper there that he favours the argument that gaming has carried the bulk of the tax load for too long.

Mr. Ruffin also reportedly owes the Bahamas Electricity Corporation millions of dollars in unpaid bills.