The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

THE Export Import Bank of China yesterday hit out at unnamed “people with ulterior motives” who have “made irresponsible remarks” that have affected the actions being taken by the bank and court appointed receivers for the Baha Mar resort.

In a brief press statement, EXIM Bank said it has also been in contact with a number of potential investors who have expressed initial interest in the project, adding that at present, there is a preliminary plan concerning the future arrangements of the $3.5bn resort. This will be launched as soon as is practicable, the bank said.

The bank also maintained that it remains in close communication with the Christie administration and continues to work with the relevant stakeholders with a view to resolving the challenges facing the stalled resort.

In addition, the bank said it is working with the government to prepare the convention centre at Baha Mar to be used for an Inter-American Development Bank (IDB) event in early April 2016.

“Since taking over the project, the receivers have undertaken multiple measures to safeguard the Baha Mar project’s assets,” the statement read. “We, China EXIM Bank, noted that some people with ulterior motives have made irresponsible remarks, which have affected the actions being properly taken by our bank and the receivers.

“We hereby solemnly state that China EXIM Bank has been actively working with relevant stakeholders to seek proper resolution of the issues that the project is facing, and has been maintaining close communication and contact with the government of the Bahamas. Currently, there is a preliminary plan concerning the future arrangements and this will be launched as soon as practicable. The bank is working with the government to prepare for the convention centre to be used for the IDB event in early April 2016.”

The statement added: “In addition, our bank has been in contact with a number of potential investors and they have expressed initial interest in the project. The bank will continue to communicate with parties who have expressed initial interest in the project and other parties who could potentially be interested in the project, as it seeks to formulate a comprehensive solution as soon as possible.”

The bank’s statement is in line with what Prime Minister Perry Christie had said last week regarding Baha Mar.

He said while a significant number of investors continued to show interest in the unopened resort, the EXIM Bank has made significant movement in resolving the $3.5bn hotel’s issues which have caused the ongoing deadlock.

Mr Christie previously said he was optimistic that in the not too distant future Bahamians would receive a significant statement giving an indication of new developments. He added that officials were working to ensure that an upcoming IDB conference would be held in Baha Mar’s convention centre. At the time he said the gathering was expected to take place in March 2016.

Mr Christie added that he and China Construction America (CCA) – the resort’s general contractor - are “on the same page” when it comes to fully paying Bahamian contractors money owed to them.

He further explained to reporters that he had been guarded with statements concerning Baha Mar because any major developments are up to the EXIM Bank and the receivers, Deloitte and Touche, to reveal.

However, he said, he could confirm that Bahamian investors, Americans and businessmen out of China, among others, have expressed interest in the West Bay Street mega resort.

Baha Mar filed for bankruptcy protection in a US court on June 29, however the bankruptcy claims for the resort’s Bahamian-based companies were later thrown out.

The Supreme Court later appointed joint provisional liquidators to oversee the property. In October, the court also approved the EXIM Bank’s request to have Deloitte and Touche appointed as receivers for the resort.