By TANEKA THOMPSON
Tribune News Editor
tmthompson@tribunemedia.net
PRIME Minister Perry Christie announced in the House of Assembly on Wednesday afternoon that the Export Import Bank of China (EXIM) and China State Construction Engineering Corporation (CSCEC) have entered into a “framework agreement” to complete the stalled Baha Mar resort “as expeditiously as possible.”
Mr Christie made the comments as he delivered his 2016/2017 Budget Communication in the House of Assembly.
He said the agreement was brokered following two days of “successful meetings” between Bahamian government officials, the EXIM Bank and CSCEC, which is the parent company of the resort’s general contractor China Construction America (CCA) Bahamas.
“Following two days of successful meetings between representatives of the government of the Bahamas, the Export Import Bank of China and China State Construction Engineering Corporation, we are pleased to confirm that EXIM and CSCEC, the lender for Baha Mar and parent company of the resort’s general contractor respectively, have entered into a framework agreement which provides a pathway forward for the completion of the Baha Mar resort,” he said, reading a joint statement by the EXIM Bank and CSCEC.
“The arrangement provides for a framework for putting in place the financing required for completion of the project and for CSCEC’s indirect subsidiary, CCA Bahamas to remobilise and restart construction to finish the project as expeditiously as possible.”
He also said that talks were underway between CCA Bahamas and the resort’s court appointed receivers to agree to appropriate terms for construction to recommence and to prepare a construction agreement to provide the timeline for the project’s completion.
Baha Mar's developer responded by urging the government again to enter into discussions over its offer to complete the resort, which it said "would allow the unsecured creditors to be paid, the bank to not to have to incur a discount on the monies it is owed, and which would facilitate the return of many Bahamians to work".
A statement from Baha Mar Holdings said: “Today’s statement by CEXIM and CSCEC defies the sensibility of all Bahamians who toiled so hard in the belief that Baha Mar would be opened in a timely manner as a world-class destination. It is very discouraging that China EXIM Bank, knowing full well the serious irregularities already demonstrated by its sister company China State Construction Engineering Corp, would now turn to this very same entity to complete the work which its subsidiary CCA has failed to do time and again on previous schedules that it has provided.
"Despite the now very public record, as well as facts revealed through the US Chapter 11 court process, the bank chose not to turn to highly-respected and proven Bahamian construction companies, that are perfectly capable of performing at the highest level.
“There is nothing in CCA’s past performance at Baha Mar that should lend confidence that they can complete Baha Mar on any schedule they provide and refrain from re-engaging in deceitful business practices, including overbilling and substituting inferior materials and systems to the detriment of the potential of this resort.
"This is of particular concern if CCA is to undertake the completion absent independent testing and supervision such as that provided by the original developer. The possible ramifications of all of this include fatal impairment to the unsecured creditors, the depriving of much needed work for Bahamian contractors, and increased risk with respect to whether or not the BM resort will indeed ever open."
For more on this story, see Thursday’s Tribune.
Comments
Emac 7 years, 10 months ago
And where is Izmirlian in all of this now???
TalRussell 7 years, 10 months ago
Comrade Emac, did you checks out on the 'dock?'
Economist 7 years, 10 months ago
So who will run it?
kaytaz 7 years, 10 months ago
The devil will be in the details......don't celebrate Bahamas until you read the fine print
Publius 7 years, 10 months ago
In other words, he did not say ****
ThisIsOurs 7 years, 10 months ago
No he didn't tell us anything..the country could already be sold, all so he can feel good on the campaign trail for the election they will lose.
Publius 7 years, 10 months ago
All he gave was a "I have nothing to announce, so I need to make my nothing-announcement sound like a something-announcement".
Wideawake 7 years, 10 months ago
May not lose with a little $$$ help from his new friends/masters!!!
ThisIsOurs 7 years, 10 months ago
CCA "Bahamas"?
Wideawake 7 years, 10 months ago
Chyna Mar
Hogfish 7 years, 10 months ago
“as expeditiously as possible.”
in other words, "as cheap and as shitty as possible!" ... just likes everything china makes!!
you wait, the first guests that go there ain never coming back!
Honestman 7 years, 10 months ago
The arrangement provides for a framework for putting in place the financing required for completion of the project and for CSCEC’s indirect subsidiary, CCA Bahamas to remobilise and restart construction to finish the project as expeditiously as possible.”
AND THEN WHAT?
ThisIsOurs 7 years, 10 months ago
I suspect this is to generate some activity over the next year then they can stop again
Publius 7 years, 10 months ago
In other words "we have an agreement to think about the possibility of agreeing that at some point there needs to be an agreement, if we agree to agree on doing so."
Next.
Honestman 7 years, 10 months ago
Getting CCA Bahamas to complete the construction on the cheap is one thing. Getting a new managing company and developing a business plan will take much longer. It will be a while before this resort opens to the public. I am assuming that CCA has been given the green light by government to purchase. Imagine being rewarded for dreadful workmanship! China now effectively controls the Bahamian economy and a genuine and major investor is out on his #ss. Nice one Mr. Christie!
TheMadHatter 7 years, 10 months ago
I just ordered three pallets of Vaseline from Miami and will offer jars to my fellow citizens on the cheap upon request. We all ga need it.
This has got to be the stupidest thing ive ever heard.
Tribune shoukd have just said...PM makes announcement o bahamar but we cant print it until we wake up from our nightmare. Stay tuned.
TalRussell 7 years, 10 months ago
Comrades from listening to a broadcast from the House, I sensed the PM's cabinet colleagues lukewarm clapping was not about suggest to the PM to kick them in the nuts for suggesting that they all hop on-board Bran's Green Party's Bus to go celebrate dock-side at Baha Mar, with some pina coladas in hands?
Smart move Honourable Crown Ministers to just call it a day.
SP 7 years, 10 months ago
..................................................... Colossal WTF .......................................................
Firstly, EXIM and CSCEC having an ultimate single central chain of ownership are one and the same entity!
Secondly, this jackass bumbaclot Christie expect anyone to believe EXIM and CSCEC have entered into a “framework agreement” to complete Baha Mar at their own expense and not have interest in also owning the property?
PM Christie has obviously sold the country out to the Chinese and now attempting to "piece meal" the asinine deal to us.
Totally unacceptable Christie!
We would prefer to further tighten our belts and forget about Baha Mar than sell our souls to the Chinese.
The Chinese are working hard to expand their influence in this region making the Baha Mar fiasco as big an ugly monkey on the Chinese backs as it is on the Bahamas back!
Stapedius 7 years, 10 months ago
This is sickening. A weak people with no guts and no balls. Even more annoying is an opposition of imbeciles. They don't appear to have the acumen or political acuity to slice the government to pieces.
Sickened 7 years, 10 months ago
I know! The opposition shouldn't even let this jackass speak for more than 2 minutes without busting his balls. Why anyone treats this man with respect is beyond me.
TalRussell 7 years, 10 months ago
Comrade Stapedius I would not go as far to call them imbeciles.
At the moment, the opposition has self-engineering designs to make them the most irrelevant offical opposition party in the colony's long elected governing system in our history.
At their lowest 1967 period, the Bay Street Boys UBP, still managed to pull off a respectable tie in House seats, against PLP.
Had only Sir Stafford stepped aside and allowed the party to unify under Montagu's Dinwiddie Johnstone, as leader, who knows if they just might have retained government - for at least another mandate in office?
John 7 years, 10 months ago
This is an election 2017 announcement dear folks! And let Perry 'dem know it by voting "NO"on the referendum. Bahamians are sitting back with popcorn, like they watching TV, and letting their country get take away from them. This lousy Perry Christie government piling taxes on Bahamians, what they can't afford to pay while giving the country away to foreigners. May Perry Christie, Brave Davis and all dem, live long enough to see the results of their actions. They have sold the Bahamas wholesale. They have put hard working struggling Bahamians back into slavery. Some have to walk away from their businesses and properties because they can no longer afford the taxes.
sheeprunner12 7 years, 10 months ago
Nassau people need to go back to 1942 and march their asses down to Bahamar and occupy that hotel until the government takes this land and hotel back for the people ....... We need this present population of (black) Bahamians to rise up and move Forward Upward Onward Together with the Spirit of Burma Road ............. its where we are right now ......... or are we going to wait until a Chinese flag if flying over Parliament, Government House and the Airport??????????
MonkeeDoo 7 years, 10 months ago
Delia wrote da note. We finished now. Its over !
Greentea 7 years, 10 months ago
the problem is this- too many politicians - including the ones he sent to broker the deal have financial interests in this monstrosity. And they want to make money at all costs. Of course any concession will be framed in terms of jobs for the people and not the relining of their own pockets - but know what it is. Those who worked there before and hope to go back- remember- you won't be working for Sarkis if you go back - but the Chinese- and jack- thats a different ball game. The payment of the Bahamian subcontractors should be a PRIORITY- not to be considered after work begins because in my mind that means no consideration at all.
Sickened 7 years, 10 months ago
That's right. Pay the Bahamian contractors BEFORE any work starts on that shit hole!
John 7 years, 10 months ago
Just a few weeks ago the receivers for Bah Mar announced that there were some serious potential buyers interested in the property and that it will most likely be sold by September. Now the prime minister is saying the China bank, who repossessed the property, and China Construction Company, who could not complete the work in the first instance, have agreed to complete Bah Mar. So whom do you believe? Why the rush to complete a property that is being sold? Will the government then allow China Bank and/or China Construction to open and operate the property as an election ploy? Was this always the plot of the Chinese to stall Bah Mar then wrestle it away from Izmirilian, once they forced him to have a cash crisis? With the investment in the Pointe and Bah Mar and possibly another hotel property, will this give the Chinese too strong a foothold in the Bahamas and especially the tourist industry? The Lucayan property in Freeport is operated by Chinese but is up for sale (hint). If the bank has taken possession of Bah Mar and was in the process of finding a buyer, why the need for the government to get involved at this stage? If the deal involves all Chinese labor again, what is the benefit for Bahamians? If the Chinese are demanding and getting all Chinese labor to complete Bah Mar, how many Chinese work permits will they require to open and operate the property. Will any Bahamians get jobs at Bah Mar?
i_land_boy 7 years, 10 months ago
This is just so dumb. Our govt has taken back things in the past, so grow some balls and tell CEXIM bank go away, we just nationalized this piece in the name of......... what are they gonna do, bomb us? We could put our foot down and make them come to our terms, or else we bulldoze the whole thing and let a proper investor come in and build a proper hotel. we own the property after all, and this tactic taken by the Chinese backers has done more damage to our economy than the money owed on this hotel. Every day their greed persists our economy gets a little worse.
Honestman 7 years, 10 months ago
Izmarlian WAS a proper investor and look how he was treated by Christie, Mitchell, Gibson et al. What new investor in his right mind would want to get involved with this government?
Well_mudda_take_sic 7 years, 10 months ago
Re-post: The excessively generous deal that Christie is now prepared to cut with CCA and the China Export Import Bank is irrefutable proof that Christie and his Chinese partners in crime all along intended to unjustly enrich themselves by effectively stealing the Baha Mar development from Sarkis Izmirlian. But Christie and his Chinese partners in crime are not content to just steal Izmirlian's $1 billion equity stake in Baha Mar, they also want to steal everything they possible can from the Bahamian people for many years to come through outrageously excessive tax concessions of one kind or another that will break the backs of honest hard working Bahamian taxpayers who will have to pony up from their own pockets to compensate for Christie's unseemly generosity to his Chinese partners in crime. Undoubtedly Christie, Bagman Baltron Bethel, the Wicked Witch of the West and their close circle of political friends and cronies (including their family members) are "on the take big time" in their dealings with the corrupt Chinese beneficiaries of their wrong doing!
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