Today, FortisTCI Limited (the Company) and the Turks and Caicos Islands National Insurance Board (NIB) held a joint press conference to announce the closing of a US$5 million bond agreement. The closing consisted of a US$5 million 5.14% Bond Issue 2016/2031, due by July 1, 2031. The net proceeds from the bond issue will be used to finance a portion of the Company’s estimated capital expenditure of approximately $70 million during 2016 and 2017 and will be paid 100% at par value plus accrued interest on redeemed amount. Negotiations for this bond began in February of this year. It was during this period that members of the FortisTCI Senior Management Team met with the NIB Board of Directors to provide a complete overview of the Company’s operations and for the NIB to conduct its due diligence exercise. The NIB has a bond portfolio valued at US$40,359,465 (unaudited) at the end of April 2016. Historically, the NIB has always made special provision for local investments in its portfolio which is guided by the Domestic Investment Policy in the Investment Policy Statement. The NIB believes that besides the social impact of investing locally that the TCI being a rapidly growing economy provides an opportunity to earn competitive risk-adjusted returns. Over the years, the NIB has primarily invested with the public sector or with quasi-government entities but has also invested in private entities. While historically this investment is not the largest local investment to date, it is significant in terms of the fact that it affords the people of the Turks & Caicos Islands an avenue to invest in a local reputable and fiscally sound company through their contributions entrusted to the NIB. NIB Chairlady Lillian Misick said, “The Board of Directors believes that this investment with FortisTCI represents the ideal type of local investment that the NIB should be pursuing, considering the underutilization of funds allocated for domestic investment. It also provides the opportunity for the Board to pursue its mandate to grow the fund to meet its future statutory obligations.” FortisTCI President and CEO Eddinton Powell said, “We are pleased to have reached an agreement with the Board of Directors of the Turks and Caicos Islands National Insurance Board. FortisTCI is indeed a strong company and a good investment that the Turks and Caicos Islands can be proud of. I join in celebrating this landmark achievement for FortisTCI, the NIB, and the people of Turks and Caicos Islands. I hope that this bond investment by the NIB in FortisTCI will be the first of many” -###- About FortisTCI 1) FortisTCI Limited (FTCI) is a wholly owned subsidiary of Fortis Inc., and is the sole provider of electricity in Providenciales, North Caicos, Middle Caicos, South Caicos, East Caicos and adjacent Cays. In August 2012, Turks and Caicos Utility Limited (TCU), which is the sole provider of electricity on the Islands of Grand Turk and Salt Cay, was acquired by FTCI. Together the two companies serve more than 14,000 electricity customers in the Turks & Caicos Islands archipelago. FTCI and TCU have an aggregate diesel-fired generating capacity of approximately 82 megawatts. For additional information, visit www.fortistci.com About The Turks & Caicos Islands National Insurance Board: 2) The National Insurance Board is a Social Security program established under The National Insurance Ordinance and subsidiary legislation, to establish a system of National Insurance providing for payment in respect of retirement, invalidity, death, sickness, maternity, employment injury and old age; to establish an insurance fund and for connected purposes. For additional information, visit www.tcinib.tc
Barbados bestows Humanitarian Award on PAHO director Dr. Carissa Etienne
By Shanieka Smith
#Barbados, November 25, 2022 – The newest recipient of Barbados’ Humanitarian Award is outgoing Pan American Health Organization Director, Dr Carissa Etienne. The government of Barbados grants this award to frontline workers who were instrumental during the COVID-19 pandemic.
Upon receiving the award, Dr. Etienne expressed her gratitude for the recognition, noting, however, that she was more grateful for the opportunity to have served on the island. She also praised Prime Minister, Mia Mottley for her diligence in leading the country and regional involvement during the pandemic.
Humanitarian medals were also given to Frontline workers who risked their own safety to ensure the needs of the public were met. Those who held supporting roles on the frontline received humanitarian lapel pins, and those who made generous donations were given humanitarian plaques.
Dr. Etienne highlighted one major lesson from the pandemic, “we are only safe when the weakest among us is also safe”.
Bahamas and Turks & Caicos Immigration Ministers make appearance on TCI Radio Talk Show
By Dana Malcolm
#TheBahamas, November 25, 2022 – “We have a humanitarian concern of course but we can only absorb so much” was how Fred Mitchell, Minister of Foreign Affairs and the Public Service in The Bahamas addressed the issue of the UN constantly nudging Caribbean countries about the deportation of migrants and recommending that it not be done.
He was speaking Thursday November 24 with Cheryl and Zhavargo on First Edition which airs on RTC FM.
While acknowledging that the UN offices likely ‘have to do what they do’ Minister Mitchell explained that the current irregular migrants trying to get into the Bahamas did not fit the bill of ‘refugees’ as defined by the UN.
“We have a treaty obligation that says that if people have a fear of persecution in their home country that we have an obligation to take them in as asylum seekers. The people who come through on these boats from the south of us are not asylum seekers. They are afraid of poverty and that’s a difficult issue but in a legal sense we’re not obligated to embrace people on that basis.”
He cited a study that had found, on any given day there were around 7,000 illegal migrants in The Bahamas trying to get to the US maintaining that his chain of islands had to take a stand on the issue. The Foreign Affairs minister acknowledged that TCI was in an identical situation, citing also the the cultural effects of irregular migration.
“There is a cleavage which has developed in our own society over this; people are very concerned that we could lose our identity if we do not get on top of it.”
Earlier this year Arlington “new sheriff in town” Musgrove, Minister of Immigration and Border Services in the Turks and Caicos had described statements calling on surrounding countries to do more to assist persons fleeing Haiti as “reckless and misguided.”
“Haiti has a population of 11.6 million people. How could any small developing state like the Turks and Caicos Islands assist that number of people or even the smallest fraction of them? We have a population of some 47,000 persons, and our health care, education and other social systems remain fragile and could never withstand an influx of refugees. This would be a risk to our very own livelihood,” he had said.
He was interviewed in the same show on Thursday prior to Mitchell and expressed a similar determination to crack down on illegal migration.
“I want to stress this. If we catch anyone harbouring illegals, it could be my mommy, she’s going up. We cannot tolerate this. We’re catching the sloops so my Haitian brothers and sisters should stress to them don’t waste your money we’re sending you back.”
Turks and Caicos, this year passed a law, doubling fines and prison times for individuals harbouring illegal migrants.
Former Bahamian Cabinet minister defends record amid ongoing police investigation
By Shanieka Smith
#TheBahamas, November 25, 2022 – Former Youth, Sports and Culture Minister, Lanisha Rolle is reportedly currently under investigation due to several allegations that came up during her tenure; she however knows nothing of this alleged criminal investigation.
After the minister resigned – unceremoniously – in February 2021 with little explanation, the ministry was locked down by the Prime Minister for an audit of the National Sports Authority, which fell under her ministry.
Auditor General Terrance Bastin revealed that unauthorised contracts had been issued, some of which were later forwarded to the NSA for payment. Three cheques to contractors were also found, which were paid to individuals and then collected by a senior ministry official.
Despite the allegations, Rolle said she upheld cabinet standards and good governance during her tenure. She added that a minister is not always aware of “everything in a ministry at any given time.”
Rolle said she has not yet been approached by the RBPF regarding the audit findings. Having served as a member of the Police Force for 11 years herself, Rolle told a crush of media on Wednesday (November 23) that she continues to trust that they will follow the legal process and in due time, the truth of her innocence will be revealed.
FIND US ON FACEBOOK
Caribbean News7 days ago
CIBC FirstCaribbean Continues its Green Push with Electric Car Charging Ports at Main Offices in Warrens
Bahamas News6 days ago
Mass Casualty Simulation Training held in Collaboration with PAHO
Caribbean News3 days ago
Barbados bestows Humanitarian Award on PAHO director Dr. Carissa Etienne
Crime1 week ago
Denise Buck murder remains unsolved, her sister coming to Turks & Caicos
Caribbean News5 days ago
Sticker Shock at Grocery Stores, Graceway Supermarkets explains that now famous pack of Romaine Lettuce
Bahamas News4 days ago
Brandon Rahming shot dead by Police in Dock Yard Operation
Bahamas News3 days ago
Three Turks & Caicos Islanders, with Bahamian Roots promoted at Grace Bay Resorts, among them a new hotel manager
Caribbean News6 days ago
Jamaican resident sentenced to Prison in the US for Making Ghost Guns