The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas’ reputation as a prime destination for foreign direct investment (FDI) is being threatened by the dispute over the controversial Oceania Heights project, a homeowner at the devlopment believes.

Chris Bain, one of the homeowners embroiled in a long and increasingly bitter dispute with the developers, Canadian citizen Howard Obront and his Bahamian attorney, Anthony Thompson, told Tribune Business: “I still love this country. All the people I have met have been great, humble people, but this whole thing has been spoiled.

“The international focus and the [Canadian] investment advisory is a result of this situation they have created. If the US goes and issues an advisory it would be because of them.”

Mr Bain, who was present at Friday’s meeting with Deputy Prime Minister Philip Davis to discuss the issue, added:”I have spent three years fighting this. I don’t sleep very well. My life savings are in their hands and I have paid property tax I should never have paid, but I still love the Bahamas.”

“We’re just trying to get our money back,” said Mr Bain who noted that he and his wife had invested $600,000-$700,000 into the purchase of their Oceania Heights land.

He alleged, though, that the developers had sold him a lot that had already been conveyed to another buyer - the late Dr Gleb Nedzel.

Another Oceania Heights investor, who chose not to have his name published, said the real test would be whether Bahamian law protected the rights of the foreign investor.

He told Tribune Business he had now lost the excitement of coming to the Bahamas due to the Oceania Heights dispute.

“I feel hopeful, and I am happy, that the Deputy Prime Minister was on hand to hear my complaints,” the investor said.

“One of the reasons I invested in the Bahamas was because being Canadian, I saw the Royal Banks, the Bank of Nova Scotias, and I figured the laws were similar. I’m optimistic that some sort of resolution for me is at hand. This whole situation really puts the Bahamas in a dark light. I don’t feel the excitement coming here, but the test is will the law protect the rights of the investor?”