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By AVA TURNQUEST
Tribune Chief Reporter
aturnquest@tribunemedia.net
DESPITE the government’s return to Beijing, Baha Mar developer Sarkis Izmirlian is seeking to strike a deal with its Chinese lender to cut the resort’s general contractor, China Construction America, out of negotiations and use Bahamian contractors to complete the project, according to a letter sent to Export-Import Bank of China obtained by The Tribune.
Accusing CCA of backtracking on negotiations and holding the resort “hostage”, Mr Izmirlian insisted that the only way to successfully complete the $3.5bn resort was to end discussions with the general contractor and enter into a 50-50 agreement with the Export Import Bank of China to fund the $400m needed to finish construction and open the resort.
The $200m proposal to EXIM Bank president Liu Liange was sent on Thursday, a day before the government’s announcement that Attorney General Allyson Maynard Gibson would lead a delegation back to Beijing to resume negotiations between all three parties.
In a statement on Friday, CCA warned that it had a “firm, binding contract” to serve as the construction manager/general contractor for the project, adding that it was a conditional term of the $2.5 billion senior bond issued by China EXIM Bank that could not be declared void by any of the parties.
The contractor said it believed the resort could be finished in time for the winter season if a swift resolution to the current impasse is reached.
Mr Izmirlian called for a response to his proposal by today due to forthcoming legal proceedings, such as Friday’s Supreme Court hearing on the government’s petition to wind up the company.
He added that the resort was willing to work with the bank to resolve the pending bankruptcy cases in the US if an agreement was met. Up to press time it was not clear whether Baha Mar had received a response to its proposal.
Mr Izmirlian said the resort was ready to present a plan that would retain Bahamian contractors and expand agreements with engineers and consultants to manage the work, and that it had engaged Chinese contractors to assist the project if needed.
“We are doing all we realistically can to protect Baha Mar,” the letter read, “but we can not continue to have Baha Mar put at risk by the self serving actions of others. Our goal is to have Baha Mar properly completed and successfully opened as soon as possible.”
The letter read: “Baha Mar does not believe that a solution other than a negotiated solution between the existing Sponsor and the Bank is in the Bank’s best short or long term interest.
“Although we have been unable, despite significant effort on our part, to find a solution with CCA/CSCEC (CCA’s parent company), we can find a solution amongst the two of us. Why allow the contractor to continue to hold Baha Mar hostage?”
Mr Izmirlian said the resort was no closer to brokering an agreement with CCA despite vigorous efforts to reach a consensus, adding that while it wanted to work with all parties, it could not do so alone.
He explained that the parties had settled on a deadline for its certificate of occupancy with 100 per cent completion at October 31.
However, CCA has now changed agreement terms to a temporary certificate of occupancy with “substantially all” of the resort complete, he said.
Other revised terms demanded by CCA, according to Mr Izmirlian, is the early release of retainage funds that would contravene the construction contract and its approval process.
The resort is believed to be near completion but construction stopped months ago because of a dispute between the developer and CCA.
CCA reportedly withdrew its labour in April in a move that Baha Mar claims has put it in breach of its contractual obligations.
Mr Izmirlian has blamed CCA for the delays that forced the resort to miss several opening dates and file for Chapter 11 bankruptcy in a Delaware court. The resort also took legal action against CSCEC in the English High Court.
Supreme Court Justice Ian Winder has rejected the resort’s application for approval of those bankruptcy proceedings in the Bahamas.
In his letter to EXIM bank, Mr Izmirlian explained that he was not asking the lender to take sides in its dispute with CCA but to allow both sides to enforce their contractual rights – which is Baha Mar’s case in its petition before the Dispute Resolution Board and UK suit.
The new proposal comes as uncertainty looms over whether the government will continue to foot the bill for the salaries of more than 2,000 Bahamian workers for another pay period.
After the resort filed for bankruptcy on June 29, most of its employees were told to stay at home.
In a letter to staff on the status of negotiations, Mr Izmirlian said the $200m would be an investment from his family.
He suggested that the CCA’s unwillingness to co-operate was due to the government’s winding up petition, adding that CCA’s position against the bankruptcy case was an attempt to escape accountability to the resort on performance failures.
“We are trying and willing,” Mr Izmirlian told staff on Saturday, “but, if the bank and the Government of The Bahamas do not co-operate, Baha Mar cannot make a deal by itself.”
“I understand that the uncertainty this is causing you is one of the most difficult things that you have to contend with right now.
It added: “We stand ready and able to move forward. Let’s hope others do as well.”
The letter in full, see Insight
Comments
sheeprunner12 9 years, 3 months ago
That's a good deal that the government should support ..... ExIm will get its loan money, Bahamar will be completed and opened and the Bahamian contractors will make money ..... best of a bad situation ........ CCA should just cut its losses and move on to the next project
ac8663 9 years, 3 months ago
That project is British Colonial Hilton
JohnBuchanan 9 years, 3 months ago
The reason China ExIm Bank made the gigantic investment was so that Baha Mar could be its "crown jewel" for its massive ambitions in the Western Hemisphere and a catalyst for billions of dollars in new work -- including throughout the Caribbean. Does Izmirlian really believe that ExIm Bank will allow him to fire and blame CCA for Baha Mar's problems? If so, he is delusional. China holds all of the cards now.l Izmirlian has none. End of story. End of Izmirlian.
sheeprunner12 9 years, 3 months ago
That is true, but it is time that the Bahamian government has to value its relationship between the USA and China ......... while maintaining its credibility in the tourism FDI sector ....... becoming a "vassal state" of China at the expense of its bread and butter dependency on the USA-Canada tourism market is foolhardy ...... this mega-resort experiment has proven that China is NOT the country that The Bahamas should get in bed with for future economic or political independence ....... The Bahamas should be encouraging Izmirlian to find new financiers (but political motives would probably not allow this) ..... who means the best for the future of The Bahamas ........ Izmirlian or the Chinese???? .......... $4 billion question
Honestman 9 years, 3 months ago
Neither China nor the PLP can be trusted with the future of The Bahamas.
sheeprunner12 9 years, 3 months ago
Sooooooo, that leaves us with the FNM and Izzy in 2017??? ........ cuz this legal battle aint gonna be over before the next election ..... this gatta play out in the Bahamian courts and then Privy Council for final resolution
banker 9 years, 3 months ago
Don't know why you are so emotionally invested in this as a writer. I checked the bios of the management teams for both Exim and CCA's parent. There has been no cross-fertilization like you see on North American boards. In fact the Exim management team has experience with a Big Five Accounting Firm (Cooper Lybrand or something like that) and others have been educated at the University of Arizona and University of Toronto). One would think with a western education and western view point, success metrics would be more important than anything else, seeing how 'saving face' is huge in the Chinese culture. If Exim comes to the same conclusion as Izmirlian, as a profit-driven company they hold the power.
If this goes to the Privy Council, and it ultimately will because of the PLP government's unfortunate meddling, then Izmirlian has a decent chance of winning. The Supreme Court of the Bahamas is so parochial and provincial and the Privy Council respect the treaty that the Bahamas signed to recognise the international court dealings. Since the judiciary is visibly not free from partisan influence (the presiding judge should have recused himself because he worked in the law office of the deputy prime minister), the Privy Council will surely overturn the ruling.
The best bet is to get all sides working together with a compromise, and hopefully Exim is the wiser head. Your judgement of Izmirlian, is anti-business, anti-capitalist and contrary to American law? Who is paying you to post this stuff?
JohnBuchanan 9 years, 3 months ago
Banker: Unfortunately, I think all three sides bear some of the blame for what has happened. But to me, the bottom line fact is that Izmirlian was in way over his head from the start. And he has made very poor decisions since the delays of last December and March. In addition, the issue has been politicized by the parties there, all looking for advantage at the voting box. It's just sad all around. But for there to be a solution, based on my knowledge, I think Izmirlian has to go. As for why I am so emotionally invested, I love the Bahamas and have visited there and written about your country for 30 years. The real disaster here is the squandered hopes of the several thousand people who thought they had good jobs -- and especially those who left jobs to work at Baha Mar. Those are the people I want to see treated well, along with the Bahamian contractors and other local businesses that Izmirlian burned.
Wideawake 9 years, 3 months ago
The dispute is finally down to the nitty gritty. Izmirlian has spelled out his gripes and CCA seems incapable of answering them in a meaningful way. I have not seen them deny the accusations being made against them. I think Izmirlian holds plenty cards;
Detailed knowledge garnered over the fifteen years he has spent developing his project, all of the relationships he has made with all of the staff and contractors who have helped the project (almost) reach fruition.
He is still the custodian of his dream and is absolutely needed to make his dream come to fruition.
He has the goodwill of most honest, good-hearted, thinking Bahamians.
He wisely has litigation underway in the USA and UK where we believe he will be treated fairly.
He knows where all of the skeletons are buried, who got what and why. Waiting to see if he plays THIS card!!
He is still in possession of the property and the project and will block any attempt to dislodge him through whatever means necessary. He will stay in possession for a long time with appeals and other legal strategies.
He has Righteousness on his side; CCA failed to deliver a completed project; they are obviously in the wrong.
The World is watching! Izmirlian is being seen as a victim by the International press. It is widely believed that The Bahamas government has conspired with, or was considering conspiring with, CCA and CEXIM to "take-over" the project. I really don't think that they now consider this to be a prudent move.
Izmirlian is rich, powerfully connected, has plenty guts and has shown that he refuses to be bullied.
Time is of critical importance; I hope and pray that CEXIM accepts his offer, which is the ONLY quick way to get Baha Mar back on track.
That's plenty cards! which could prove to be a winning hand. Then you will see Bahamians complete the project, $300 million flowing into the local economy and a completed and magnificent Baha Mar as a source of tremendous national pride.
Even The Bahamas government could save some face!!
Zags 9 years, 3 months ago
An excellent summary of the saga, Widawake: I agree with everything you have stated!!!
asiseeit 9 years, 3 months ago
The Chinese should never have been allowed to import all those workers in the first place. Bahamians are more than capable of finishing the work. Bahamians should have been the primary workforce from the get go. I mean no disrespect but the Chinese standard is not up to par with what we expect in this country. CCA is not ready for the demands and standard that this side of the world put forth and expect. Get the Bahamian construction people in there, they will sort it out quick, fast, and in a hurry!
Bahamian_in_London 9 years, 3 months ago
It will be interesting to see how Christie responds to this. It will be very difficult for him to not support this deal given CCA is being replace by Bahamian contractors. If they do not support this, it will be completely clear they are in bed with the Chinese, at the expense of their own country.
TalRussell 9 years, 3 months ago
Comrades, enough is enough. Let taxpayers wash their hands this man Izmirlian to take whatever stance he wants over the pending Baha Mar bankruptcy. But in the meantime, regardless of who ends up owning, lending money, or liquidating Baha Mar, the people must take their own stance, never to allow anyone, native or foreigner, to take possession of our beaches, shorelines and deep waters.
The community of natives and tourists have an inherent right of uninhibited access to all Bahamaland's beaches, shorelines and deep waters. Government authorities must maintain public access to and along the shorelines. Remove all locks, gates and ‘docks’ that restrict or block the people’s access. Remove all posted "No Trespassing" signs.
We natives needs knows the full name and pay scale, of the government official who approved the building of this Monstrosity of a 'dock,' reaching far out to da deepest waters Atlantic Ocean?
Comrades, discover for yourself, Baha Mar's long-ass "dock" (before its removed from You tube) that would make the Sir Sidney Poitier Paradise Island Bridge, look like a midget in comparison.
…….//https://www.youtube.com/watch?v=XalNMhfKe10
sheeprunner12 9 years, 3 months ago
Banker .......... I am a Bahamian citizen who loves my country with no other agenda Izmirlian is a businessman who is in a fight for the survival of his Bahamian investment with both the Bahamian and the Chinese government ......... I hope his pockets are deep enough to survive the legal maze that will be eventually be solved by the Privy Council ......... thank God for Mother England and the Privy Council this time around .......... if we dodge this bullet, the PLP gatta go forever ............... and your motives????????
banker 9 years, 3 months ago
My motives are quite simple. I dream of a country that formally acknowledges the criminal past of the independence government. I dream of a country where everyone has a shot at economic independence. I believe in an open country with a great ease of doing business. We are in a prime geographic position to be traders like the Phoenicians who had no island resources but dominated trade. I wish for an openly convertible currency, that would give every Bahamian a chance to invest in foreign opportunities and access to foreign capital in the Bahamas. I want an open, non-corrupt government. I want to see a Bahamas where anyone .. repeat ANYONE can come in and set up a business. That is how you create jobs. No government approval cycle -- just a background criminal check. I want the Bahamas to have the same standard of living as the Cayman Islands. I want the education system to turn out knowledge workers instead of illiterate criminal thugs. I just want to be the best and the fairest that we could be. The cognitive dissonance of who we are and where we are is astounding if you have a world view of how things operate in other countries. My motives revolve around patriotism.
sheeprunner12 9 years, 3 months ago
Then we are on the same team
Zags 9 years, 3 months ago
I, too, am on your team, banker: A utopian goal but how much better the nation would fare moving in in that direction...
BahamaPundit 9 years, 3 months ago
I love your first lines Banker. How great it would be if the Bahamas Government finally came clean with the Bahamian people. Fourty years of sin is such a heavy burden to bear. Instead of pointing their fingers at the white man, imagine if they took a look in the mirror and said, "We have been very bad men." I'm reminded of a line from a poem, "like a devil sick of sin." Come clean and sin no more my brothers in high places. Take responsibility for your actions. Be men. Be honourable. Be real Bahamians and not counterfeit crooks.
Emac 9 years, 3 months ago
@sheeprunner-banker was really referring to JohnBuchanan above when he mentioned emotional involvement, not to your comments. If you look carefully you will see that the reply is not under your comments, but under Buchanan's.
sheeprunner12 9 years, 3 months ago
Point taken ............ now the American knows that we can think over here
JohnBuchanan 9 years, 3 months ago
I know you can think. I have great respect for your country and culture. My issue has simply been the deceit and gross incompetence of Izmirlian. I have no right to comment on or indulge in your politics. But certainly, politics have played a role in the Baha Mar drama.
TalRussell 9 years, 3 months ago
Comrades, to be sold on Baha Mar being but only 3% away from completion for its official opening, is to ignore, as the two daily newspapers have conveniently done, that unlike Sol Kerzner the owner, creator and mastermind behind Atlantis Paradise who during construction on numerous occasions had invited the media to tour the projects construction progress - I don't recall Baha Mar, ever having being media tour friendly? You would think a developer facing the bankruptcy clock running out time, would have been motivated to take the local and international media on a 97% competed tour of Baha Mar? Has anyone ever seen a picture of the living quarters & village constructed for Chinese nationals workers? And, where exactly are these 1000's Chinese workers as we speak? Are they being paid and by whom? Were they evicted off Baha Mar's properties? If china Construction is removed offsite, what will Izmirlian do with the 1000's Chinese nationals, supposedly still onsite at Bah Mar? For damn sure the 'dock' is amongst the 3% yet to be completed cuz if you take a closer look at that 'dock' it has no lights anywhere. Must be a, only for use daytime 'dock?' Lots talk about monies needed compete but what about monies owing to local contractors and suppliers. Is izmirlian planning on paying them out his 200 million?
sheeprunner12 9 years, 3 months ago
The Chinese workers are gone ................... aren't they????????
TalRussell 9 years, 3 months ago
Comrade, an often asked question, neither Baha Mar, nor the PLP Cabinet, have been prepared to make a definite answer to. Have you ever seen a single photo of the Chinese workers village and living quarters? if not, don't find it secretly strange. In fact, how many progress report tour photos have you seen about anything going-on at Baha Mar, excluding a still photo visit by the PM, or some other politician, or Chinese official?
Not strange a developer seeking bankruptcy has not taken the local and international media on a tour of his '97%' completed project? Do i dare ask is it all the project's 97 complete cuz sure sounds strange, why a 97% completed resort could not partially open for business?
sheeprunner12 9 years, 3 months ago
You are correct ............... its a secret "quagmire of web" in broad daylight
TalRussell 9 years, 3 months ago
Comrade how convincing is izmirlian, that he will makes his way through the worst quagmire at Cable Beach since the days of Harry Oakes troubles, and with such ease?
proudloudandfnm 9 years, 3 months ago
Good deal. Government should embrace this and push hard for it.....
Wideawake 9 years, 3 months ago
Once chapter 11 bankruptcy protection was filed, surely we knew that Sarkis wanted to get rid of CCA. What a great opportunity that would be for the Bahamian construction industry to show the world what they are capable of. $300 million dollars spent locally would certainly get our local economy back on track. Great opportunity for happy ending, protecting Sarkis who deserves to be protected and give the Bahamas government an opportunity to do something for the Bahamian people.
sheeprunner12 9 years, 3 months ago
Sooooooo, that leaves us with the FNM and Izzy in 2017??? ........ cuz this legal battle aint gonna be over before the next election ..... this gatta play out in the Bahamian courts and then Privy Council for final resolution .............. thank God for Mother England
Well_mudda_take_sic 9 years, 3 months ago
Almost a month has gone by since Baha Mar found it necessary to file for Chapter 11 bankruptcy protection in Delaware as a result of CCA's failure and inability to fulfill its contractual obligations as the main general contractor for the project. Meanwhile Christie still has his thumb stuck up his arse as he squirms about all of the political ramifications for not only his legacy, but the very survival of the PLP party. Time is certainly not on the Christie-led PLP government's side, yet Christie nevertheless continues to behave like a deer at night caught in the head lights of a fast oncoming fully loaded Mack truck! The decision to be made by Christie is a very simple one. He can either help Baha Mar and the China Export-Import Bank reach a workable deal with or without CCA/CSCEC, or he can remain sided with CCA/CSCEC and observe the failure of the project as it gets consumed by litigation in the course of being wound up in liquidation proceeding initiated by the Bahamian government. This is one of those rare occasions where what appears to be a very tough decision is in fact an easy one if all that really matters is doing the right thing by all Bahamians and not just the greedy political elite and their business cronies.
Honestman 9 years, 3 months ago
Totally agree with your last sentence.
TalRussell 9 years, 3 months ago
Comrades, what's wrong with the 3% unable to open for business, missing from this picture? Forgive me for asking such questions but why in the hell would Izmirlian have said, he had stashed 3.5 million dollars gaming CASH in the casinos vaults, if the casino was NOT ready to open to tourists? Let me get this, you have an unfinished casino Not ready to open but you still stash 3. 5 million in the vaults? Ask Izmirlian, why he didn't open his casino to gambling tourists, rather than file for bankruptcy?
I'm sorry but as a business person, it's just not adding up make any sense to me? Something is missing and we know it wasn't the needed 3.5 million cash to pay the out winnings? Maybe it has something to that damn 'dock?'
http://tribune242.com/users/photos/2015…
PastorTroy 9 years, 3 months ago
This my friends is a very dangerous game being played by China and their cronies, Bahamian Politicians/Elites and their Cronies and Baha Mar and his/their cohorts. As a Bahamian living abroad, I often wondered 'What were they thinking' bringing the arch enemy of the United States 30 mile off its border? IMHO, it now seems that this can go in two directions, (1) an economic boom for the Bahamian economy 'controlled' by China, on U.S borders, or (2) an economic failure 'controlled' by China, on U.S borders! Either way, the United States is not happy and I think we have damage our reputation in the western hemisphere and with our wealthy, influential and globally powerful neighbour.
QUESTION: Since it's quite obvious what China and The Christie Administration motives are in this global chess game I've yet to understand the motive of Baha Mar's CEO. Is Mr Izmirlian and his Baha Mar 'friends' a 'Trojan horse' for our powerful neighbours to the north? AKA Economic Assassin? As a Bahamian, I'll understand, simply because The Bahamian Government should never 'sold out' to the United States arch enemy, and if it did decide to, why so cheaply? We still have a massive largely uneducated, and entitled populace problem, that can hardly speak english properly, must less Mandarin! Why not had the Chinese build a world class University to prepare our Bahamaland, our next generation for globalization that we're totally unprepared for in so many ways!
FDI is very important to the growth of our economy, however, rather than importing FDI and consultants to 'feed' us, why not prepare a generation waiting for FDI and consultants to 'teach us to fish'? Tourism?? Wealthy business people are 'creating' tourism by building water parks out of deserts! These old politician with their 1920's law degrees, were no match for Yale and Harvard grads, now you have Yale and Harvard grads speaking Mandarin? Who know more about corruption than a nuclear armed Communist country that have defied so many international laws to become a global force to be reckoned with? Certainly not The Bahamas government, they are tad poles in an ocean! If it wasn't for our geographical location, China won't even consider us! We have begun 'making love' to a black widow, this is just the beginning, after the 'sweetness' is over, the black widow always eats it's 'lover' it's not personal, it just the nature of the beast (Business).
John 9 years, 3 months ago
How tight has the government tied the Bahamian economy to Bah Mar? And what will happen if Bah Mar gets caught up in legal wrangling and does not open anytime soon? Retailers have reported that business has been off by as much as 30 % since March/April and the millions owed to government by Bah Mar along with the reduction and uncertainty of employment has its part in this. Then if Bah Mar go into full liquidation how much of the concessions and land given to Bah Mar will be lost? What type of binding agreement did Bah Mar sign with China Construction Company that says despite being very late on completion and despite putting out sub par work they cannot be fired? Was the intention to wrestle ownership from Izmirilian from the go? And why does the Bahamas government appear to be siding with the Chinese. This should concern every Bahamian alive because despite the outcome of Bah Mar it will have a bearing on the future of this country for many years to come. Then let's be minded that the Chinese economy is on one of its greatest declines in at least a decade.
TalRussell 9 years, 3 months ago
Comrades stop breaking wind by pretending Izmirlian, is not the problem. Let's examine. Just weeks ago Baha Mar couldn't pay its workers and in just last 24 hours, he says he pulled 200 million dollars out his hat, but has the PM, or Chinese, seen any proof of such magically appearing monies? Doesn't he know. as an 'seasoned investor' that any foreigner developer, MUST reveal the sources of all monies intended be used in their project. Attached just happens be a gambling Casino, and that fact alone, demands the government MUST know who is financially involved.
Fact is, Baha Mar owes everybody and their dead mother - monies - they can't afford pay. Have you not noticed, Izmirlian is not negotiating sitting down with the Chinese across da table, he's long distance telling them what he is demanding. What nerve.
Zags 9 years, 3 months ago
There is a difference between being bankrupt/insolvent and filing for Chapter 11 Bankruptcy Protection. Bankruptcy protection simply means that a person, or an entity, is protected from its creditors while being given the time to restructure. For some unknown reason this difference seems to be lost on the majority of people here in The Bahamas…
Did American Airlines, for example, stop flying after it filed for Chapter 11 Bankruptcy Protection?
TalRussell 9 years, 3 months ago
Yeah Comrade Zags. I will tell you the difference between American Airlines and izmirlian's Baha Mar. The only thing still flying is Baha Mar's fancy private jet, cuz all the rest Bah Mar things been grounded.
newcitizen 9 years, 3 months ago
Tal is not interested in facts or informed discussion anymore. She just wants to talk about a dock and blame Sarkis for anything, regardless of the topic. She's turned into a full blown troll. It's best not to feed the trolls.
banker 9 years, 3 months ago
Poor you.
http://tribune242.com/users/photos/2015…
By the way, in your photo the word should be "repossessed". "Reposed" means died or gone to sleep.
killemwitdakno 9 years, 3 months ago
Very good detail by Izmirlian.
John 9 years, 3 months ago
Denver it is Bah Mar that is in bankruptcy and not Izmirilian. The Izmirilin's have about a dozen other companies they operate, including banks. Tal Russell you seem to forget that Bah Mar did not experience financial problems or file for bankruptcy until after its opening was delayed three times. And the construction was said to be at fault. Shoddy work and delays. They never complained about problems with being paid until now. So of course Izmirilian has a problem sitting at the table with them. He stands to lose over a billion dollars. Family money. Did you question where the China Construction Company is getting the $100 million from that they now want to invest in Bah Mar, despite Izmirilian not wanting them in?
asiseeit 9 years, 3 months ago
In speaking to a number of Bahamian contractors, they ALL are of a mind that the work and finishes produced by CCA are sub-par. Tal pray tell how this is Izzy's fault? How is it Izzy's fault that the lead contractor has missed three opening dates? I am astounded there is no delay/proformance bonds. CCA most certainly has dropped the ball no matter how many change orders where submitted. As stated before what construction company would let it's employee's use the elevator shafts as bathrooms? Time for CCA to pack it's bags and let Bahamians finish the resort.
Well_mudda_take_sic 9 years, 3 months ago
Re-posted from a later related article: The DOJ with the help of the FBI and NSA are likely investigating highly confidential assertions made by a whistle-blower and backed by evidence that CCA should be charged with criminal wrong doing under the Foreign Corrupt Practices Act. The following summary of this particular Act is posted on the DOJ website: "The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. §§ 78dd-1, et seq. ("FCPA"), was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay, or authorization of the payment of money or anything of value to any person, while knowing that all or a portion of such money or thing of value will be offered, given or promised, directly or indirectly, to a foreign official to influence the foreign official in his or her official capacity, induce the foreign official to do or omit to do an act in violation of his or her lawful duty, or to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person."
Reality_Check 9 years, 3 months ago
Re-posting: This would explain a lot of things. Ever since the Chapter 11 bankruptcy protection filing by Baha Mar, many of us have been scratching our heads wondering why on earth has the Christie-led PLP government been so eager to blindly align itself with the interests of CCA in the ongoing dispute....to the extent of initiating actions clearly detrimental to the resolution of the dispute and possibly fatal to the completion of the project. Ruffin's recent appearance on the scene is akin to a big vulture having been invited by his former attorney (Christie) to feast on what Christie believes will become a feeding frenzy on a juicy carcass as a result of the harmful actions taken by the Bahamian government against the interests of Baha Mar and the Izmirlian family.
TalRussell 9 years, 3 months ago
Comrades, the chief difference of opinion we hold is, I have never said or believed there is a real angel to be found when comparing Izmirlian against the Chinese. I don't think either of the three main Baha Mar parties will ever standup to tell all they know, and as for Izmilian, who is doing most of the talking, his every new words and moves, becomes even that much more confusing, for this Comrade to understand. But what I will not buy is that, it was PM Christie who showed up at Baha Mar, to strike the first match to flight the flames now raging at Cable Beach. Would I would never support would to see government returning back to the failed PLP days of hotel ownership.
proudloudandfnm 9 years, 3 months ago
Obviously Perry and them have been bought by the Chinese.
TalRussell 9 years, 3 months ago
Comrade, you can't talk things while you provide readers with no details to back your theory. That leads me to ask, exactly at what period of the Baha Mar talks, are you saying the PM was bought by the Chinese? Are you calling-out the nations' PM, to be a liar?
banker 9 years, 3 months ago
Yes .. Dead Good News coming! That's just one of many.
TalRussell 9 years, 3 months ago
Comrade Banker, you're politically astute enough to appreciate a nation's PM knows lots stuff, he cannot talk publicly about. But I hope you're not suggesting, one them things is the PM had prior knowledge of was Izmirlian's running off to file for bankruptcy protection in Delaware? Even Izmirlian would disagree with you, that he had given the PM advanced warning.
banker 9 years, 3 months ago
Listening to the Obama speech in Africa today. It sounded like he was talking to the Bahamas. Here are some quotes:
Obama actually called out China --
and that is a lesson that Christie doesn't understand, or any of those corrupt PLP for that matter.
Christie's government is rife with corruption, from Gray, Shame, to Allyson -- chock a block full
It was the PLP who campaigned against the equality referendum years ago, and they have done nothing after 3 years in power again.
asiseeit 9 years, 3 months ago
This one is for TAL, the moment i was convinced the PLP led government of The Bahamas was in the Chinese pocket was when I saw our P.M. parade down Bay St. for junkanoo dressed as a Chinese emperor in a costume made in China. That was blatant cow-towing to our new masters. The Chinese system is all about kickbacks and that is how the PLP operates, it is a match made in heaven.
sheeprunner12 9 years, 3 months ago
I agree with your summary 100%
Wideawake 9 years, 3 months ago
Entrepreneurs are a very special breed. As far as Sarkis is concerned Baha Mar is not just about the $3.5billion he invested/borrowed to get the project to this point. Remember it cost about the same as sending the space-ship to check out Pluto!!!
Of course he and his family will fight tooth and nail to keep their investment, but for an entrepreneur the real issue is not the money, it's the dream and the thrill of being the orchestrator of this enormous project. Anyone who spends 13 years or so making a development project happen invests blood, sweat and tears, years of brain- storming, years of debate and research, a great deal of love and huge amounts of grief and heart-ache along the way!!
To threaten to take Baha Mar away from its creator is like ambushing and beating up Santa, stealing his sleigh and presents, and barbecuing Rudolph and the rest of the reindeers!!!
Hell! Yes!! Sarkis is mad!! And has every right to be so! Baha Mar is the Bahamas' biggest ever project! The Bahamas we enjoy has been created by probably twenty or less key entrepreneurs! Sarkis is the pick of the litter in this regard and is being treated really badly by The Bahamas government.
Of course he should show respect to The Bahamas government, but with all the frustrations he has had to contend with, I fully understand his obvious angst and if his comments seem too outspoken, I believe that he should be forgiven for this.
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