PRIME Minister Perry Christie said yesterday that major international investors are interested in the Baha Mar property, adding that some of these groups have already had talks with the Export-Import Bank of China.
Mr Christie told reporters yesterday that despite the controversy surrounding the resort, the issue would be turned around.
“We’re going to come out big and strong and meaningful as a result of this whole exercise and it’s not going to be too long from now when that begins to be seen by the Bahamian people,” the prime minister said.
“There are lots of people who want to help us fix it, who have expressed open interest in that property. There are people who are major investors today in The Bahamas, with huge global reach, there are investors from outside of the Bahamas who are interested. And I presume by now the bank knows who they are . . .I have had it confirmed by some of them, they’ve had discussions with the bank, and there are people, some of whom are so well known to the Bahamas in the resort context that people will be pleased as those names surface and to know that if those people are interested in being able to take that over, then it’s going to be taken over by a world brand kind of investor.”
Last Friday, the Supreme Court granted the EXIM Bank’s request to place the resort into receivership. The move essentially sidelined Mr Izmirlian by removing him as owner of the project he created and in which he had invested $850 million.
On Monday, Mr Izmirlian responded to the receivership, saying the move is a part of a pattern of “disastrous actions” taken by Baha Mar’s other stakeholders.
In a statement released by BMD Holdings, Mr Izmirlian pulled no punches in criticising the Christie administration and the resort’s Chinese stakeholders, accusing them of being “more focused on legal and political manoeuvres than on solutions.”
He also accused the resort’s general contractor China Construction America (CCA) Bahamas of engaging in “reckless and self-serving” behaviour at the expense of Baha Mar, adding that the contractor appears to be continuing the same pattern at its own development in downtown Nassau, The Pointe.
Yesterday the prime minister said the developer’s assertions were not accurate.
“Mr Izmirlian, whatever are his personal views about the government of the Bahamas, he is wrong to believe that the government of the Bahamas has made the mistakes that he is talking about. He is very wrong. I deeply, personally regret Mr Izmirlian not being at the table at this time because he has put a lot of effort into it.”
In October, the Supreme Court approved a request from the resort’s joint provisional liquidators to make more than 2,000 employees redundant due to the property’s insolvency.
Yesterday, Mr Christie said the government would like to assist these people.
“Since we have this opportunity to commit ourselves to finishing the project, we should take advantage of a fact that we have a group of trained young Bahamians, who rather than let them go off and work in a different kind of direction, if we can hold them together they can make an efficient and effective transfer to that project once it is near completion.”
The government would be prepared to invest in them on the basis that there would be “payment back in whole or in part,” he said.
Baha Mar filed for Chapter 11 bankruptcy protection in a US Bankruptcy Court for 15 of its companies on June 29.
However, in September, a US judge threw out the Chapter 11 cases for Baha Mar’s Bahamian companies. After the bankruptcy filing, the government filed a winding up petition against the resort.
Comments
Economist 9 years ago
"...... it’s not going to be too long from now when that begins to be seen by the Bahamian people,”
PM you said this was going to open in March. The Bankruptcy was filed at the end of June. This is the end of the first week in November.
How long, in days or weeks is "not going to be to long from now.."?
GrassRoot 9 years ago
"There are people who are major investors today in The Bahamas, with huge global reach, there are investors from outside of the Bahamas who are interested"
I don't think that any investor with a good reputation would touch this thing, not until all legal routes and options are fully exhausted. I bet he had the grandiose idea to ask Genting (who else would he know other than the Chinese?)
digimagination 9 years ago
Exactly! There may well be investors who are interested - BUT they are not going to do a damned thing until the whole mess is tidied up and everything is CRYSTAL clear and even then they may still have their doubts. So sad.
Publius 9 years ago
He is already talking to people with criminal connections and criminal allegations over their heads, but what else is new.
sealice 9 years ago
and if you believe this he's got a bridge to sell you to.......
EnoughIsEnough 9 years ago
are there not any other stories that the tribune can cover? so tired of them constantly spewing govt rhetoric which has no substance. please stop giving these politicians so much space in the papers until there is actually something to report. otherwise you lose credibility. cover stories that have fact, details, and credibility. come in tribune - you can do better.
JohnDoe 9 years ago
What an extremely inappropriate and ill-advised public statement for the PM to utter even as the events and issues surrounding this matter are still evolving. From a legal perspective I get the feeling that this is far from over and the government's behavior is likely to be an issue that is thrown into the equation. Therefore, for the PM to talk about interested investors in this project is very premature especially after the Baltron Bethel snafu.
banker 9 years ago
More "dead good news" from the blathering brain-dead retard of a Prime Minister.
SP 9 years ago
............................. Sarkis Izmirlian must appeal to the Privy Counsel ...........................
PM Christie has the cart before the horse again if he expects Izmirlian to simply walk away licking his wounds in silence like apathetic Bahamians.
I fully expect Sarkis to file in London against Bahamas Supreme court receivership decision.
Mr. Izmirlian needs to know that majority Bahamians are honest people, who do not agree with this fiasco, and are on his side. We truly feel Sarkis got shafted by PM Christie.
Why is Christie looking for other investors when Sarkis Izmirlian already stated he is ready willing and able to complete HIS project?
This is not fair play Christie!
We want no part of your nonsense and pray Sarkis Izmirlian seeks justice through the Privy Council.
TheMadHatter 9 years ago
Oh yeah. All kind of people ga be coming here with all kinds of money now. Yeah. Sure.
Why don't we give them a 50% discount.
Instead of investing 2 billion and having to deal with all the numerous problems and then ending up losing their investment and wishing they never came, why don't we give them a discount of 50%????????
They can just send 1 billion cash, and stay out - stay wherever they are and forget about the whole thing. That way we will get money that we need, and they will only lose 1 billion instead of 2 billion. They can consider that a savings.
TheMadHatter
stislez 9 years ago
Dis nigga just cold cut take bahamar from Izmirlian! time Bahamar been round over here wayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy b4 the hotel get build, i wunda if people know that........Chinese want everything, everytime i go down to the Ministry of Finance dem chinese people who be up in there be all smiles. One ting i know bout history is that us as Black people, we to welcoming jed, i mean its good and bad we just need balance. Das just how we get into slavery, das just how the native americans almost get wipe out from history, to damn welcoming. Only one thing different from then to now which is round dem times, da man dem who was tired of dat shit put a better day on their life! Meaning they was willing to DIE for freedom, willing to DIE for justice, willing to DIE for peace. Yall see how black people in america is carry on when dey fed up! Ine advocating violence but we need some man dem who willing to DIE for their people and all people to bring justice, equality and peace. Some people waiting on some spirit to do it for them shit ine kno, all i know is there is NO LIFE WITHOUT DEATH! thiink bout it..............................
TruePeople 9 years ago
Yes king man i feel you
Well_mudda_take_sic 9 years ago
Christie's son can't wait to pocket the real estate related commissions and his lawyer friends are just drooling at the thought of all the legal fees that will come their way! Meanwhile most dumb stupid Bahamian voters (as Christie likes to think of them) will continue to have great difficulty in providing for their loved ones with Christmas now rapidly approaching. What a monster Christie is!
MonkeeDoo 9 years ago
Seffan Christie done gat Baha Mar listed on Cross and Mosko website dread. All Government approvals GUARANTEED !!!
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