By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THe Government is “living in a dream world” if it believes that Bahamian contractors will be paid the $74m owed collectively for work carried out on the $3.5 billion Baha Mar development, a former Baha Mar director said yesterday, asserting that “no buyer” except the original developer is interested in seeing them paid.
Dionsio D’Aguilar told Tribune Business that the Christie administration’s promises to ensure that Bahamian contractors receive payment for work carried out on the project amounted to very little.
“If they think Bahamian contractors are going to be paid that $80 million because the Chinese feel that it is a good thing to do and they feel in their heart that it is right thing to do then the government is living in a dream world,” said Mr D’Aguilar.
“They can say all they want about how those contractors are going to be paid and that they are going to make sure that they get paid but that doesn’t mean a thing. There is no buyer of Baha Mar that is remotely interested in taking care of Bahamians except Sarkis Izmirlian but they blew him out of the water,” added Mr D’Aguilar.
Prime Minister Perry Christie has repeated promises that Bahamian contractors will be paid for Baha Mar work. The Government has frequently touted the ‘framework agreement’ between itself, China Construction America and the China Export-Import Bank for Baha Mar’s construction restarting as showing evidence of a Chinese commitment to make Bahamian contractors whole. Mr Christie, speaking during an interview on Kiss FM with radio personality Ed Fields, last month confirmed that the China Export-Import Bank and its receivers are under no obligation to compensate Bahamian contractors - and any other unsecured creditors - for work completed at Baha Mar.
He then said: “We have asked for the Bahamian contractors to be paid as near to 100 per cent of what they’re owed as possible. So in any negotiations going forward, we expect that to be a major point, where up to over $100 million in debt is owed to Bahamian contractors, and we want Bahamian contractors to be paid.”
Comments
Well_mudda_take_sic 8 years, 3 months ago
Will someone in government please throw this little white haired poodle a bone to chew on in order to try quiet him? He's making almost as much noise as Christie's favourite pot cake, Lady Smacker Miller!
banker 8 years, 3 months ago
D’Aguilar is a graduate of the famed business school at Cornell University and he talks sense. He also puts him money where his mouth is and invests in various businesses. The Bahamas needs a lot more like him.
Well_mudda_take_sic 8 years, 3 months ago
Vince was self-made with keen business acumen and great love for time alone to think things through on the golf course. The poodle on the other hand....well.....let's just say some genes just don't get passed along.
Weezie 8 years, 3 months ago
Vince was indeed self made. But he used his money to educate his sons so that they could think and contribute. D'Aguilar was President of The Bahamas Chamber of Commerce and has grown his father's business by leaps and bounds! He is smart and successful and I am sure his father would be happy that his money was well spent. You may want him to shut up but I want him to talk baby talk. This stupid, misguided government needs to hear a successful business man tell them a thing or too. He is saying what a lot of us are thinking! Maybe not you.....but who really cares about your silly unhelpful comments anyway!
Honestman 8 years, 3 months ago
mudda sick - sounds like you have a huge chip on your shoulder. The more enlightened know that envy (like hate) is a poison that hurts you more than the subject of your envy.
Honestman 8 years, 3 months ago
Why would you want to quieten him when he talks perfect sense? Miller on the other hand us a complete idiot?
Well_mudda_take_sic 8 years, 3 months ago
His father conducted business the proper way....and never in public!
Weezie 8 years, 3 months ago
Many people were quiet in The Pindling era due to the vicious and vindictive way opponents of the PLP were taken down. But not anymore! Talk your talk, ma brother!
newcitizen 8 years, 3 months ago
Those who don't speak up don't deserve to speak. Why don't you keep you opinions to yourself if you think others should! Lead by example!
C2B 8 years, 3 months ago
Exactly what level of incompetence requires you to speak up? It's lap dogs like you that have this Country in the dire straits. It is doing business secret that is the problem. Too sophisticated for you?.?.?.? I thought so! Gonna blame the foreigners next? That is the next page in your sorry playbook.
newcitizen 8 years, 3 months ago
Your government has thrown your a bone to chew on and you are gagging away on it with all you might.
Franklyn 8 years, 3 months ago
trust me, ...the biggest Resort Development in the region to be come the biggest bonfire in the region.
newcitizen 8 years, 3 months ago
This is the man I wanted to see a comment from. I hope that this does work out in your favour. No one should have to do work and not be paid. I really wish to have to eat my own words on what I think of this for your sake.
Franklyn 8 years, 3 months ago
what you need to know is, we were here so many times before - show me the money then I will believe. Let’s hear the Chinese version of the so called breakthrough I am sure the international version of this story is not the show that we have seen on ZNS
banker 8 years, 3 months ago
The real issue is that the Bahamian contractors are owed a hundred million dollars. Crisco Butt says that they will be paid. It's been over a year now since the corrupt, kleptocratic PLP stole the project from Izmirlian, gave it to the Chinese, who are sitting on it, putting chopsticks up the butts of Bahamian contractors. Crisco Butt and his criminal allies in the PLP are simply lying about the contractors being paid -- or Baha Mar ever being finished. How long has the casino/hotel in Freeport been sitting empty? A couple of generations? The only thing that the towers are good for, is jumping off to commit suicide.
And Dionsio D’Aguilar is being castigated for just pointing out that the Chinese, brain-dead emperor has no clothes?
Well_mudda_take_sic 8 years, 3 months ago
Say what you may, at the end of the day the indigenous Bahamian composition of Baha Mar's board failed the development in a fatal way. As Vince probably would have put it: "The younger Izmirlian no doubt has learned a painful lesson on how important political capital is to such an enormous project - it's not just about finance, but significant political relationships matter too!". Baha Mar's board from day one should have had on it two or three highly successful Bahamians who had earned their political capital, wealth and standing in society the old fashion way. Instead it got the likes of the white haired poodle with his inherited wealth topped off with "a name dropping" university education. I am wealthy in my own right (self-made I might add) and also hold a doctorate from the University of Chicago, Dept. of Economics. I therefore don't have an iota of envy when it comes to the white haired poodle's financial well-being or the quality of his much touted education. I remain confident though that the annals of the primary reasons behind the failure of Baha Mar will not be kind to the likes of the noisy white haired poodle. The poodle has simply always been lacking in the necessary political capital!
Reality_Check 8 years, 3 months ago
The white haired poodle is indeed an annoying yapping antagonizer lacking in political clout. If throwing him a bone to chew on does not help quiet him down, then he may need instead a good dowsing of highly effective flea powder. His over-sized Cornell fed ego occasionally gives him an incredibly irritating itch resulting in spontaneous fits of yapping!
banker 8 years, 3 months ago
I am convinced that ALL of the political capital is tainted in this land.
Truly amazed at the disdain. And I don't understand it. My belief is that applied economics practitioners (ie business men/women) should have a say in management of the single biggest business in the land -- the government.
You may not like him, but the economic activity that he generates is necessary to the country.
... scratches head ...
C2B 8 years, 3 months ago
I don't believe you hold a doctorate from the University of Chicago any more than you do. Upload a picture of your diploma if you can draw one. By "the old fashioned way", I assume you mean corruption not merit or intelligence.
newcitizen 8 years, 3 months ago
Indigenous Bahamians? You are talking foulishness now and your level of education is showing through. The indigenous Bahamians died off a long time ago, your family arrived here on a ship like everyone else's.
bogart 8 years, 3 months ago
Having a Degree from the University of Wulff Road, OVA DA HILL CAMPUS, it is amazing that all the beautiful people with outside educashun gets to sits on dem BOARDS OF DIRECTORS directing at dem fancy long shiny tables each chair wid dere special water cup an water jug pontificating and hifalutating to make the best decishuns to grow these COMPANIES an BAHAMAS - after we the majority of ova da hill people have birthright land, consessions etc to be offered to entise foreign capital and investors and we get the worst ever business disasters in these companies directed into da ground. To name a few apart from BAH MAR are CLICO where we now payin for faling, BAHAMA SUPERMARKETS - whose shares used to be 22.50 and now the workers can't even get pensions, GULF UNION BANK - where ova da hill people and others had to provide funds to pay savings accounts, BATELCO where a billion dollar company and cash cow sold for peanuts, BEC where at the long shiny table the electricity shortfalls seemed to be a new ting, BANK OF THE BAHAMAS where after dozen plus years of Directors representation DIRECTORS for minority shareholers is still being sought etc,Ain't even include FREEPORT where many companies have folded. While some companies have not folded they have left our shores. MANY COMPANIES where many ova da hill Bahamians and others have sweated, gone without benefirs, lunches, no overtime and sacrificed our BIRTHRIGHT to entise then and to build from our resources huge balance sheets of assets and watched as decisions are made at these long shiny tables to sell or 'merger' these companies to other countries. INVESTIGATIONS ARE NEEDED INTO WHY DESE COMPANIES - BILLIONS AN BILLIONS of DOLLARS FAIL AND PERSONS TO BE HELD RESPONSIBLE. TAXPAYERS ARE TIRED OF COMPENSATING FOR DISASTERS.
newcitizen 8 years, 3 months ago
Who do you think allows that to happen? That's right, the useless thieves we elect. Everytime there is a large company failure and workers get screwed, it's allowed because the leaders got paid. Everything is for sale in this country, including screwing over Bahamians.
Greentea 8 years, 3 months ago
Sad when Bahamians are castigated for getting a good education, being successful in business and having something to say about the foolishness happening in this country. Black crabs in full combat mode. What a sad joke. Continue on Mr. D.
bogart 8 years, 3 months ago
Not knocking him for his education which is admirable for any Bahamian or that his family was smart to take advantage of the fact that successive govts had customs apply a Luxury Tax on washing machines which may have been changed a few years ago or perhaps still exists. Mr D as a Director of Bah Mar is now raising major issues which is commendable. Business disasters severely hurt the neediest. Mr. D is to be commended on raising issues to the Bank of the Bahamas and its Chairman of the Bank's Board of Directors. However, the Bank continues to operate without adequate capitol ratios and seem to continue as normal accepting web shop funds which the other banks do not etc. A Commission of Inquiry needs to be set up on all these business particularly as it involves taxpayers funds when it comes to settling their problems.
Greentea 8 years, 3 months ago
Don't waste the Bahamian people limited dollars on no commission of inquiry. We know what the problem is yet- WE REFUSE to take measures to EXPOSE the crooks and make those who received funds from BOB and enabled the granting of the funds to them despite their questionable ability to repay to be persecuted. Apparently Mr. D is/was a Director of Bahamar and a good friend of Izzy - He has shown his hand and in fact never hid it. Can you say the same for out current government? Can ANYONE tell me what is going on with negotiations or who is involved? I understand his position and though - perhaps emotionally I don't completely agree with him, hated the Bahamar concept from the beginning and hope there is a faulty wire somewhere that burns that monstrosity to the ground- I respect his views. It would have provided jobs but to me Bahamar is not a sustainable model in the Bahamas and with increasing competition in the region just doesn't seem to fit the dimensions or style of tourism the Bahamas could effectively exploit moving forward. Just my ten cents.
bogart 8 years, 3 months ago
YES that is why we need to have a COMMISSION OF INQUIRY to investigate instead of refusing - 'what the problem is yet- WE REFUSE to take measures to EXPOSE the crooks and make those who received funds from BOB and enabled the granting of the funds to them despite their questionable ability to repay to be persecuted.' STEP ONE is to show mathematically th DEBT SERVICE RATIOS. STEP TWO is to look into the how the loan was approved cash flow, gearing ratios, market studies, history projections etc and/or if it should have been declined STEP THREE Look at the Collateral pledged. Is it easily sellable? Were personal Guarantees taken? STP FOUR Did the Bank monitor these loans? Site inspections? Monitor cheques? Increase or decrease OD's chech on fixe and floating assets, are the shelves stocked? Are the top boxes filled with stock or empty? etc. PERHAPS the Bank did not do its job and contributed to the demise of these companies. Perhaps their policies need to be changed, after all if BOB is the only bank accepting gambling funds and the four major Banks do not perhaps someting needs changing. A million dollars of public funds is preferable to 100 million in public funds bailout and a good rate of return anyday.
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