The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Government has been urged to be more specific on the scope of job security provided to Kerzner International's 8,000 employees on Paradise Island in the resurrected 'debt-for-equity' swap deal with Brookfield Asset Management.

Tax attorney and PLP Elizabeth candidate, Ryan Pinder, told Tribune Business: "The singular focus of the Government should be the protection of employees at Atlantis, the country's largest private employer.

"Full disclosure on the nature of the agreement should be forthcoming. We know that in this political season, an open-ended statement like that is open to challenge. The question is to what extent where assurances given? Were assurances give that there would be no staff reduction after the election ,or were assurances given that there would be no reduction until after three years? The Bahamian people deserve to know the scope of the protection being awarded to them."

Mr Pinder added: "I demand the Government to be more specific on the the scope of the protection. The workers, and certainly the ones I speak to, are greatly concerned about any deal that is done."

The Government announced on Friday that Kerzner International had completed a comprehensive restructuring process, affecting both its assets the Bahamas, as well as in Dubai.

The Government said the process had resulted in substantially all of Kerzner International's Paradise Island assets, including the Atlantis Resorts & Casino and the One & Only Ocean Club, being transferred to Brookfield Asset Management in exchange for Kerzner being released from $175 million in debt owed to Brookfield.

Among the conditions of the deal, the Government said, was that the resorts retain a minimum staff complement of 8,000 employees; a minimum annual investment in the Atlantis Resort of $50 million continues; and that the resort brand marketing stays at least at the previous level.

The Government said Kerzner will continue its management of the flagship Atlantis property for a minimum of three to six years, and the One & Only Ocean Club on Paradise Island for a minimum 15 years, subject to meeting certain performance hurdles.

"Kerzner will continue to control all aspects of the running of the properties. The management agreements also provide that existing employees will continue to be employed by Brookfield," the Government said in a statement.