BEC Chairman Leslie Miller
By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
BAHAMAS Electricity Corporation Executive Chairman Leslie Miller said people must “look at the big picture” with Baha Mar, concentrating on getting the resort open rather than on the developer’s failure to pay its hefty electricity fees.
According to documents Baha Mar filed in the US District of Delaware as part of its Chapter 11 bankruptcy case, the resort owes BEC $19.5m.
Among the resort’s creditors, only China Construction America (CCA) Bahamas Ltd is owed more, at $72,635,100.
However, Mr Miller said Baha Mar owes BEC more than the disclosed amount. Nonetheless, he said that the issue of paying BEC its debt is “sideline stuff.”
“That $19m was from when they bought Crystal Palace over 10 years ago,” he said. “It’s about $24m they owe now. But in the larger scheme of things, when you putting up that magnitude of a project, you have to try to work with the group as it restructures its debts in order to give it a short time frame to get it open. That’s what’s important. We just have to work with them, as I’m sure BEC at some point will get around the table and see how to work out their payments.”
Mr Miller, who has often criticised major companies in the Bahamas for being delinquent in paying their bills, added that PowerSecure, the new company the government has contracted to manage BEC, knows about the outstanding debt.
He added: “The debt has no bearing on PowerSecure and its role in BEC. There is no connection between the two because the company knew what it was facing when it came on as far the Baha Mar situation is concerned.”
“We have to look at the big picture. We have to provide those jobs at Baha Mar for Bahamians. Get it open. BEC debt payments are sideline stuff. Let us focus on the big picture, that Baha Mar must open up before the end of the year.”
“The most important thing is that this project is massive and very valuable. It will weigh heavily on economic life in our country for the future. The project is almost completed. They can’t get a helicopter and take it and put it elsewhere, therefore it’s in the best interest of everybody to work toward the singular goal of getting the project ready.”
Comments
Economist 9 years, 5 months ago
Wait, PM you can still save the day. Cancel the contract for the Bahamasair plans ($80 - 100 million) ...ok so you have to shut it down but at least half will get jobs with the other airlines. Put the $100 million up with Izmirlian and finish the Hotel.
You can save the 2,000+ jobs for a loss of 300 to 400. It is up to you PM.
Well_mudda_take_sic 9 years, 5 months ago
Miller is a Christie-enabled thief who belongs in Fox Hill prison. We have yet to learn where the millions and millions he and his family members and their businesses received from Bank of The Bahamas ended up; especially as there was little in the way of security with any value pledged in support of their loans and advances obtained from BOB that have not been repaid and likely never will be repaid.
Alltoomuch 9 years, 5 months ago
But they're paying a dividend - thanks to Govt..... Is this unbelievable or what??
TalRussell 9 years, 5 months ago
Oh Comrades least we forgets when just months back 'twas da Pot cake Chairman BEC who was on the talk shows bragging, how after he threaten shut off lights big hotels - them had immediately sent him millions dollars cheques, for long-past-due light bills. I said at the time I thought he might have been asked hold-off depositing Baha Mar's cheque. Wasn't Comrade Tal dead-on right cuz I knows how politicians, particularly them PLP minds does operates - and it aint exactly normal behaviour. But likes da Pot cake always likes say, when caught ya political pants down, that’s a story for another day.
A Comrade Tal footnotes. Soon ready change all we calling Leslie, da Pot cake, over to be forever known as da new "Porcupine" of the PLP Cabinet. Do stay tuned!
Well_mudda_take_sic 9 years, 5 months ago
Even strapping Lady Smacker Miller to a tree laden with stinging soldier ants and simultaneously subjecting him to an hour long stoning session by a few dozen fierce angry fundamental Islamic women would not be ample enough punishment for him!
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