The Tribune

EDITOR, The Tribune.

On the face of what we hear, neither the PLP nor the FNM are willing to take responsibility on parts of the process for the approval and execution of Baha Mar, although they were at their time the sole exclusive authority.

Cast your memory, Prime Minister Perry Christie was then Prime Minister, in his first term - after a lot of speculation Phil Ruffin finally was willing to sell, $165m with change and Hotel Corporation was willing to sell Radisson $40m+.

If you check, you will find that there were three parties interested...two in hindsight were seemingly more financial than Mr Izmerlian, but were not chosen. Although the two could have formed a consortium and then developed the Cable Beach property. There would have been a much lesser risk.

Baha Mar borrowed $220m from Scotia International in US dollars, so they required Central Bank’s approval. Surely the bank would or should have advised the Minister of Finance, Rt Hon Perry G Christie, that the acquisition was as close to 100 per cent of the purchase price. Surely government, the PLP, should have questioned then why Izmerlian was not using private capital?

After an election and change of government, Mr. Ingraham/FNM inherited Izmerlian. Time was ticking then for the Baha Mar - Harrah’s proposal was heard. A year or so later Harrah’s request in compliance of their Heads of Agreement, that Izmerlian confirms he has the capital to develop Baha Mar? He fails to respond, so Harrah walked and Izmerlian takes them to NY courts and looses. Is the FNM not going to take responsibility for this?

Then the EXIM China deal - weeks prior to the announcement that Nassau was buzzing that Baha Mar might be in financial trouble and Scotia International was pressing and safeguard their $220 million loan. Then the sensational announcement that somehow Izmerlian had convinced Beijing - EXIM China to fund Baha Mar, $2.25 billion. Everyone was happy.

In months after, we saw that with a majority of low paid Chinese labourers, Baha Mar rose out of the sand, but unlike Atlantis there was never the pride and excitement that we witnessed. Even in a year rumours started, that contractors were having difficulty in getting paid on time - forty days went to sixty and beyond - the contactors, Bahamians, started to be anxious and forward a further 2-years with the filing of Chapter 11 by Izmerlian. They were right as collectively they are owed over $100m . China State, the General Contractor some $220m.

I clearly recall the Baha Mar VP Government Affairs on TV news telling us...work was on schedule...work was to our standard...costs were on budget. What a tall story those points were, unless Izmerlian and his very highly paid group of Consultants, seemingly were bluffing and telling an untruth to the public. As come February, 2015 Izmerlian is writing writs left, right and centre on everyone, defying all his spokesperson had said just months previously, including saying the work was sub-standard.

Today on the eve of this project going to Receivership, my honest to God advice to Rt Hon Perry Christie is to hold your mouth PM - wait till things are positively concluded or place yourself in ridicule.

On Monday, October 26, 2015, I saw ZNS TV news featuring Sam Nazarian of SLS. I invite all readers to goggle this person’s name and see who it seems government is relying on to save our souls...check readers, check!

I am reasonably sure in the end the Cable Beach project will come through, but we have to be patient. Premature talk is dishonest. Only raise hopes when there is real hope.

T. RUSSELL,

Nassau,

October 27, 2015.