The Tribune

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

BAHA Mar developer Sarkis Izmirlian yesterday stressed to Prime Minister Perry Christie that he could not be the “only hand clapping” in negotiations to complete and successfully open the $3.5bn Cable Beach resort.

The developer met with Mr Christie, Attorney General Allyson Maynard-Gibson, and Minister of State for Investments Khaalis Rolle for a little more than an hour yesterday at the Office of the Prime Minister.

Meanwhile, Mr Christie called yesterday’s meeting “excellent” and indicated he had received assurances from the developer of his continued co-operation with court appointed provisional liquidators who are overseeing the resort.

In a statement yesterday, Mr Izmirlian said he underscored the need for a timely plan to resolve issues that have stalled the resort, and shared his grave concerns over the ongoing liquidation process.

“Time is of the essence,” the developer said. “A plan to resolve the issues and enable Baha Mar to move forward needs to happen now.”

“I expressed to the prime minister my grave concerns about the liquidation of Baha Mar. I believe the prime minister fully understands the issues from my perspective, and what I am willing to do to help resolve them.”

Mr Izmirlian added: “I have made clear again that I cannot continue to be in the position of being the only hand clapping in any negotiations.”

“There is no question that the prime minister and I share the same view that a successful Baha Mar will be of tremendous benefit to the Bahamas.

“What I stressed to the prime minister is that I continue to be ready and willing to negotiate in good faith to resolve the outstanding issues and to act promptly on my part if such resolution can be achieved,” he added.

Last night, the Office of the Prime Minister released an optimistic statement about the meeting.

According to the statement, Mr Christie indicated that he was pleased that Mr Izmirlian had given assurances of his continued cooperation with the provisional liquidators and of his preparedness to participate in meetings convened by them to explore the settlement of outstanding issues between the parties on commercially viable terms.

“Mr Izmirlian, the China EXIM Bank and China State Construction Company have all reiterated their desire and commitment to complete and open the Baha Mar resort as soon as possible,” Mr Christie said. “This continues to be the primary objective of my government as well. We continue to urge all parties to conscientiously work towards a definitive settlement of their differences so that the interests of all stakeholders, especially the Bahamian contractors and employees, can be well and justly served.”

Mr Christie’s meeting with the resort developer follows talks with the mega-resort’s two other major stakeholders last week.

The prime minister met with the chairman of China State Construction Engineering Corporation (CSCEC), the parent company of Baha Mar’s general contractor China Construction America (CCA), in New York last Monday, and then had a conference call with the president of Export Import Bank of China on Wednesday night.

During yesterday’s meeting, Mr Izmirlian said he underscored to Mr Christie his belief that the EXIM Bank was the most instrumental party in helping to facilitate an appropriate resolution, and provided information on his availability to meet with the Chinese bank.

Mr Izmirlian did not indicate his relationship with CCA.

The resort and its general contractor have been at odds over the project’s missed deadlines, quality of work and financial disputes, which Baha Mar said led to the resort’s June 29 bankruptcy filing in the United States.

Mr Izmirlian has repeatedly called for CCA to be removed from the project and be replaced with Bahamian contractors.

On September 15, a Delaware Bankruptcy Court dismissed the cases involving Baha Mar’s Bahamian companies.

Joint provisional liquidators, KRyS Global and AlixPartner Services UK, were appointed by the Supreme Court on September 4.

Last week, CCA returned to the Cable Beach project to conduct site analysis and assessments necessary to finish the development, which is estimated to be 97 per cent complete. The general contractor was re-engaged by Baha Mar’s court appointed provisional liquidators.