By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
PRIME Minister Perry Christie said “things are good” with Baha Mar as he revealed that representatives from a leading resort in this hemisphere arrived in the country yesterday to put their interests forward to the Export Import Bank of China regarding the unopened mega resort.
Mr Christie said he and EXIM Bank officials have been in continued talks over the $3.5bn hotel with pointed discussions on finding employment for the more than 2,000 workers who were made redundant last month.
The nation’s leader further said he has put forward a proposition of his preparedness to work with the bank in finding the workers’ employment on the basis that stakeholders would reimburse the government of the Bahamas.
Mr Christie expressed his optimism of how the impasse will ultimately unfold during yesterday’s opening ceremony of the Bahamas Institute of Chartered Accountants’ (BICA) Week at the Melià hotel.
“Ray (Raymond) Winder was named with his colleagues out of Beijing receiver manager and (Edmond) Rahming provisional liquidator,” Mr Christie said. “I was happy and gratified that even though we didn’t want it to happen that way to see that there are Bahamians in the forefront of what is taking place in this group of hotels here.
“Last night (Sunday) I had an hour conference discussion with the president of the Export Import Bank of China about the need to accelerate the decision making on finishing over here. There is a compelling urgency for me to have a conference this morning with the construction company to speak to them about the difficulties the two are trying to work out, but to let them know that we want all the Bahamian contractors to be paid hopefully dollar for dollar. We want them to resume construction in the shortest possible time.
“I gave them a proposition of my preparedness to work with them in finding employment for the 2,000 people who were laid off on the basis that they would reimburse the government of the Bahamas.”
Mr Christie went on to insist that if questions linger of the confidence that investors see in the Bahamas, critics need only look at the response from the international community on the availability of Baha Mar.
“I leave you with a great degree of optimism because some of the world’s leading resort entities have expressed continuing interest. One of the leaders in the Western Hemisphere arrives in the Bahamas today (Monday) to speak with representatives of the bank all with a view to putting their interest on the table of being able to manage or purchase interest out here. So we are optimistic.”
“One thing that I can say is that when one is looking for confidence and whether it exists in the Bahamas, the response to the possible availability of these premises have demonstrated to me that the world is interested and they are coming to the Bahamas. Over the next week or two they will (announce).
“I can say that the bank needs to finance this interim stage and they have given me the assurance that in the shortest possible time from now they will provide that interim funding. So things are good so to speak.” Mr Christie said.
Last week The Tribune reported that a deal was being discussed for the stalled Cable Beach resort between Island Capital Group LLC, a private real estate merchant bank led by Andrew Farkas and partnered by hotel magnate Sol Kerzner, the China Export-Import Bank and China State Construction Engineering Corporation Ltd.
Last Friday, Mr Christie said he was “impressed” with the names of the many investors who are in talks with the Export Import Bank of China over the resort.
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.
On September 4, Edmund Rahming of KRyS Global, Mark Nicholas Cropper and Alastair Beveridge of AlixPartners Services UK were appointed as joint provisional liquidators and given the task of overseeing the company. In October, they received approval from the Supreme Court to make 2,020 Baha Mar employees redundant due to the resort’s insolvency.
On October 30, the EXIM Bank, Baha Mar’s secured creditor by way of its $2.45 billion mortgage debenture, obtained Supreme Court approval to appoint the Deloitte & Touche accounting firm as receivers for the troubled project.
Raymond Winder, the firm’s Bahamas managing partner, and two colleagues from Deloitte’s Beijing office, have been selected as receivers for the mega resort.
The resort was originally scheduled to open in December 2014.
Comments
Franklyn 9 years, 1 month ago
The boy who cried wolf is at it again, last week he said (. “I impressed upon them [the bank] that there is to be no compromise on paying the Bahamian contractors, who are owed significant sums of money, on a dollar-to-dollar basis.
Now today he is saying (we want all the Bahamian contractors to be paid hopefully dollar for dollar.)
I am feeling sick ...going to the toilet to vomit.
jus2cents 9 years, 1 month ago
Oh?! just 'things are good'?
Thought tigs be 'Dead Good Soon' ? mind you, he didn't say WHO it will be 'good' for?
marrcus 9 years, 1 month ago
Bet your last dollar, the "investor" will be Chinese.
Honestman 9 years, 1 month ago
Things are so good at BahaMar, I expect to see the PM do the "Perry shuffle" in their empty parking lot. Another example of PGC treating the populace like fools.
Well_mudda_take_sic 9 years, 1 month ago
Perry Christie said “things are good” with Baha Mar as he revealed that representatives from a leading resort in this hemisphere arrived in the country yesterday to put their interests forward. Of course things are good: Baltron Bethel was at the airport to greet them all of these eager representatives with his bag in hand!
asiseeit 9 years, 1 month ago
The Prime Minister needs to stop lying to the Bahamian people. We do not believe anything you say at this point. Go away you are killing our country!
TalRussell 9 years, 1 month ago
Comrade Attorney General, do make sure you does advise your PLP Cabinet colleagues that in their desperation find new ownership for Baha Mar, it will be legally in all they's best interests, that they do not forget that "dock's" ownership - cannot be contained in those land title transfer documents. It is not legally complicated cuz it was built by Izmirlian, over the "peoples" public domain waters.
newcitizen 9 years, 1 month ago
Nothing about this is good. Any new investors or operators who are looking to take over now are going to be looking for a very steep discount. This means no one, not even the politicians waiting for kickbacks will see a thing. Every cent of money paid for the project will go directly to the Chinese Bank and they will not even get all of their money back. Christie thinks he's somehow involved in this, he's not. China doesn't give a crap what he thinks or wants and they don't have any reason to take any notice of him. He'll go crawling back in a couple months when we need to sell some government debt.
Everyone who is owed money, from the contractors to BEC to even CCA, will see nothing except maybe what they get from the work it will take to finish the project. Things are not good. This government screwed everyone involved when they took a stand against Chapter 11. Everyone may have had to accept less in Delaware, but now they have to accept nothing in the Bahamas.
Emac 9 years, 1 month ago
Perry Gladstone, sits on his throne
While fooling the Bahamian masses.
Nothing truthful comes from his lips
Tho’ his words are as sweet as molasses.
Now Perry will do or say anything just to get your vote
But when he gets in power, he treats you like a goat.
Perry and his cronies are like modern day pirates
They wheel and deal and even steal from those who got them hired.
Now this whole deal with Bahamar, they think that they have won
But they have underestimated one Izmirlian.
Izzy did not know that this government was like sleaze
They trapped Izzy in a corner and slept with the Chinese.
Perry and his minions will go down in history
As tyrants who pushed relentlessly to make investors flee.
Perry and his inept crew love to play blame games
Like Nero, PG fiddles, as the country goes up in flames.
Now Nero Christie doesn’t know, the secret going ‘round
He thinks that people love him, but they see him as a clown.
Even his closest friends, will no longer defend
‘Cause they know come next election, Perry’s reign will end.
TalRussell 9 years, 1 month ago
Comrades, unlike Jamaica's PM, our nation's PM hasn't claimed be talking directly with God - but receiving his instructions via long-distance chats, directly from mainland China.
You thinks it's a good sign, everything at Cable Beach goin be aright?
Like I says, I couldn't make this stuff up, even if I tried.
Jamaica's PM waiting on God, for election date.
.......//https://www.youtube.com/watch?v=YjD9_OPfEhQ
CDMortimer 9 years, 1 month ago
November 17, 2015…approximately 3 yrs, 8 months into their term, and quite frankly the PLP hasn’t done anything positive to stem this country’s downward spiral! They have and will continue to point-fingers at their predecessor, but doing so is not going to alleviate nor relinquish accountability/responsibility for expediting and worsen this country’s bleak state-of-affairs—you built your campaign on improving what the previous government was inept at, and in your assertion could not do. However, you’ve actually been worse…or to appease your loyal followers—just as horrible at governance, as the previous FNM government. This Baha Mar situation has affected many lives, and honestly, despite your promising and hypocritically patriotic phrase “For Bahamians”, you are “For Yourselves”. Once any individual (because I will never consider you a leader), is more perturbed about his/her legacy than the empowerment of a nation; the country and its populace are doomed.
TalRussell 9 years, 1 month ago
Comrade CD don't you think the introduction of an increase in the minimum wage was a positive move for thousands workers? What about the progress under way to introduce Universal Health Care? Could the economy be sustained without VAT?
newcitizen 9 years, 1 month ago
Hush up Tal, you're trolling again.
Honestman 9 years, 1 month ago
What progress towards the introduction Universal Health Care???? What PLP propaganda script are you reading from? There is NO PROGRESS WHATSOVER towards NHI since NONE of the main stakeholders have been consulted yet. So how can you say that there has been progress?
CDMortimer 9 years, 1 month ago
TaiRussell, Cosmetic cover-ups and to the politically-blind; positive moves ...but, not true positive moves to facilitate empowerment. Although, I accept your arguments/points; ponder for a second! is an increase in minimum wage which does not assist with the ever increasing utility cost, grocery items etc. empowerment? Introduction of Universal Healthcare, which like VAT, will be burdensome on taxpayers, and will deplete the minuscule minimum wage increase potential usage. Our economy’s self-reliance has been shattered many decades ago, due to ill-use, corruption, embezzlement, and the likes. So, taxing an already financially-wounded population...I guess is the answer/positive move. I am a realist—I call a spade a spade, not a shovel; we’re in trouble as a nation, regarding many issues. I love the Bahamas; to survive time and hopefully see it improve, on all fronts—would be a blessing. But we are waist-to-chest deep in quick-sand…we all have eyes and commonsense—everyone knows what’s going on, but we continue to bat our eyes, turn our heads, cover our ears, render ourselves speechless, sit back and accept.
TalRussell 9 years, 1 month ago
Comrade CD help me avoid blogging what you were not thinking, by answering the following and may I ask that you please not mention VAT in your response.
Do you see the increase in the minimum wage as but a greater government involvement/interference, or it will help thousands more to see a “fairer share" going into their paychecks, in return for the hours/days/weeks they worked?
newcitizen 9 years, 1 month ago
Where did all that VAT money go that they were so in need of to pay down the debt? Well guess what Tal, it hasn't gone to pay down a single cent of VAT and at the same time we are borrowing more than ever. So your precious VAT is actually worse than useless, it hurts us all, because it is being wasted and we the people have nothing to show for it.
CDMortimer 9 years, 1 month ago
TaiRussell, I don't view it as a greater government involvement/interference, but I don't view it as a "fairer share", because the minimum wage increased by 40%--on what was being metered or probably not, which works out to be $210 per week or $42 per day or $5.25 per hour. Hence, most working individual's salary ceiling has now become $210 (because employers view this as a hardship to themselves)...with all the tax-payable deductions being subtracted, so, where is the empowerment in that?
Metaphorically, is throwing a dog a bone--then asking/requesting the dog to return that bone in order to come in from out of the cold, a positive empowering move?
TalRussell 9 years, 1 month ago
Comrade CD then would you support a move empowering a minimum wage hike to $10 Hour?
CDMortimer 9 years, 1 month ago
Tai...I feel that the minimum wage should be between $8-10/hr, therefore, not only does the employee have to be considered, so does the employer. I feel this way because there has to be what I call, a marginal comparability with regard to the-cost-of-living/debt and wages/ability to pay.
TalRussell 9 years, 1 month ago
Comrade CD in EVERY incident in the free-world, where there has been an "fair wage" increase to the hourly wage - unemployment has declined. Neither has it ever been traced to forcing businesses to shut their doors.
A proven win-win for workers and businesses as productivity, along with increased consumer spending have also increased.
banker 9 years, 1 month ago
The trouble with Tal's argument is that it is a socialistic one and not an economic one. First and foremost, I do not believe that the minimum wage is one where a person can live decently in the Bahamas with economic security. Part of what is required for a country to be sound in every way, is that its citizens be able to live with dignity and decency in their standard of living.
Having said that, when you do an analysis from an economic point of view, even the higher minimum wage is a pseudo-tax on employers for the very reason that the productivity and value of human capital is not worth the money in a strict business sense.
I go to a gas station or any other business, and I seen 6 to ten employees standing around. Most of them are linguistically and mathematically illiterate, poorly socialized, rude and haven't the foggiest notion of customer relationship. They do not produce the economic activity that will cover the increase to their wage. They are human capital of the poorest type of business value. And to top it all off, the shrinkage to a business from the bottom line, due to employee malfeasance, is enormous.
I was talking to a businessman, and he was telling me that his employees spend most of the day, trying to dream up ways to rip him off. This problem is endemic and systemic in the Bahamas, and largely due to the minimum wage to begin with. Because it is not enough they steal. It is a chicken and egg issue, because they are not worth the money to pay them enough so they do not steal. And in many cases, the moral compass is so skewed in the Bahamas, that it doesn't matter what you pay people, they will steal from you. Someting fer nuttin' is a cultural thing in the Bahamas.
So while employment increases in civilised countries where the minimum wage increases, so does employee productivity. That corollary is missing in the Bahamas.
TalRussell 9 years, 1 month ago
Comrade I might have better felt your disappointment in PEOPLE if only you had owned up to also having been honest enough to have included your family members, friends, and co-workers in the moral compass that you say is so skewed in we Bahamaland, that it doesn't matter what you pay Banker and Company, they will steal from you.
Tis' Da Bankerman's who will make the better Comrade Communist - everyone but US.
Amen!
CDMortimer 9 years, 1 month ago
Tai, I agree with those facts...because I lived in a country for many years where I witnessed this, prior to returning home.
I do realize--life no matter where you are can and will be arduous at times...but when you look into the eyes, or peer into the existence of a man, you shouldn't always glimpse despair
sealice 9 years, 1 month ago
if PGC thinks this is good God and BCC help us all when he think things get bad.....
licks2 9 years, 1 month ago
Mr. Christie has no clue what he is doing as PM/MOF or anything else!! I think that he shows signs of Mild Autism Spectrum Disorder! check the background of the disorder. . .its in his family! It is something to seriously take a look into. . .he maybe mildly "mentally defective" and cannot function normally!
His educational background also shows the presence of the malady! He was kicked out of GHS and taught using an individualized educational plan. . .slowed down to accommodate his learning "slowness".
He cannot learn in the normal fashion. . .but because we want a leader that has "the wow" factor. . .can talk a dog down from a meat wagon. . .something PGC has in abundance. . .all we will ever get is talk and more talk!! He has never ran a successful ministry since he was in politics! He learned to "talk" to compensate for his self-perceived learning problem and end up in the one vocation that will like "talkers". . .politics!
Our PM is a big dunce. . .running around like a child with big toys. . .throughout the country with Police sirens blearing just to get to his office showing-off. . .can never be on time for anything. . .lies and not keep his word to the Bahamian People. . . easy to get swing by his friends and all kind of international shysters. . .he can't tell the differences when he is at one meeting from the next. . .speech all mixed-up and incoherent. . . he will never give-up the PM spot. . .all he has to do is dress-up and talk doo doo and then drive around with his outriders!! He is lost within his own thinking. . .
The man is hopeless as PM. . .useless for leadership of this or any nation. The Bahamian People has already passed judgment on him. . . HE CAN'T DO HIS JOB. . . AND NO MINISTER LISTENS TO HIM. . .THE KNOW WHAT WE ALL KNOW AS WELL. . .OUR PM IS A DUD!!
He is a defective PM just waiting for an election so we can get rid of him forever. . .and all of his "head-in-the-sand" Minister and cronnies! Including Tal!
Now as a man and a human. . .he seem to be a good man. . .one that is kind. . .BUT PM HE IS NOT!! WE ARE NOT PAING HIM TO BE PGC. . .WHICH HE DOES WELL. . .BUT PM WHICH HE IS LOUSY AT!!
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