The Tribune

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

DNA Leader Branville McCartney yesterday blasted the Christie administration for what he termed “a failure by the country’s chief executive officer” to make known the financial troubles facing the multi-billion dollar Baha Mar resort.

Mr McCartney said that “after three separate delays, public wrangling with the lead contractor and a rumour mill, which has spawned weeks of media and public speculation and uncertainty,” the future of the $3.5bn dollar project has now been revealed.

Baha Mar CEO Sarkis Izmirlian announced on Monday that the Cable Beach resort had voluntarily filed for Chapter 11 bankruptcy in a United States court in an effort to complete construction and successfully open.

Meanwhile, Mr McCartney said the announcement, though disturbing, confirms the many rumours about the project’s viability and further exposes the Christie Cabinet as fundamentally dishonest.

“Following the initial delays, Perry Christie, the country’s chief executive officer, dismissed concerns about the reported financial troubles facing the property and instead continued to publicly tout the economic impact that the property would eventually have on the country. His confidence in the property’s viability would later turn to outright ignorance about the future of development,” Mr McCartney said.

“Then according to Mr Christie he received what he said was encouraging news about the development even going so far as to suspend the budget debate. Could this have been the news Mr Christie seemed so jubilant about?”

However, the former Bamboo Town MP said he finds it “difficult to believe” that Mr Christie did not know of the resort’s financial troubles.

Baha Mar has said it will continue to operate payroll for a few weeks for its more than 2,000 employees, however CEO Sarkis Izmirlian has admitted the property may have to make difficult decisions if a consensual agreement is not reached with its lender.

Yesterday, DNA Deputy Leader Chris Mortimer underscored the soberness of the issue: “It is truly a dark day for our country, our people and our reputation.”

“We are in a truly dire situation in our country, and honestly I am absolutely upset, beyond words as to exactly what is taking place in our country.”

Mr Mortimer said the news would tarnish the country’s reputation.

He also called on the government to answer pertinent questions about the project.

“Is it true that China State Construction is currently being investigated and if so, is the government unaware? Can the government confirm whether they hired a company named Reiss Engineering to oversee the construction of the Baha Mar project? Who are their principals and how much of the Bahamian people’s money was spent?

“Can the government now confirm whether the resort was built according to the Bahamian building code,” he asked, among other things.

“Saying that you believe in Bahamians is not enough. It is time for action on behalf of the Bahamian people. “The DNA will not sit idly by on this issue. We are not going to allow the reckless disregard of public information to just go. Our reputation as a country is being destroyed,” Mr Mortimer said.