PM insists resolution to the Baha Mar saga is ‘imminent’

As of Wednesday, July 20, 2016

By NICO SCAVELLA

Tribune Staff Reporter

nscavella@tribunemedia.net

PRIME Minister Perry Christie has said he believes the Export-Import Bank of China is prepared to present a possible buyer for the beleaguered $3.5 billion Baha Mar resort, as he declared a resolution to the Baha Mar debacle is “imminent”.

Mr Christie, while a guest on the “Ed Fields Live” show on KISS FM on Monday evening, said the government is “closer than we’ve ever been before” on a resolution to the Baha Mar controversy, and that talks towards the same “have been taking place rapidly”.

Mr Christie did not indicate who the potential buyer of the West Bay Street development might be; however, he said the EXIM Bank, Baha Mar’s $2.5 billion secured creditor, “would have only chosen someone with an incredible capacity to finance a $2.5 billion deal and finish it.”

As such, Mr Christie said the government is “agitating aggressively” for a resolution to the situation, particularly with regards to the payment of Bahamian contractors involved with the resort.

Last month, Mr Christie revealed that two firms, one with ties to Bahamian investors, had been shortlisted as the court-appointed receivers of the project moved closer to deciding which entity will acquire the West Bay Street development.

He said the final decision is solely at the discretion of receiver managers who were in Beijing, China at the time negotiating a contract to remobilise and complete the project as soon as possible.

Mr Christie said China State Construction Engineering Corporation (CSCEC) along with the resort’s general contractor China Construction America (CCA), CSCEC’s subsidiary, were also participating in the talks.

He did not name the two shortlisted groups, but said neither involved Baha Mar developer Sarkis Izmirlian.

When questioned for an update on the stalled resort on Monday, Mr Christie said: “I think we are closer to a resolution than we’ve ever been before. Events have been taking place rapidly. I think the next few weeks in the scheme of things (of) our country will be important when it comes to the final decision making with respect to Baha Mar. “And I think the bank is ready to present a possible buyer to us…we would need to know who that is so that we are able to begin investigations.

“The bank would have only chosen someone with an incredible capacity to finance a $2.5 billion deal and finish it. And so these things I think are in progress, I think we are closer than we’ve ever been before.”

Mr Christie also said the government is likewise engaged in discussions on a “daily basis” with the relevant parties to put an end to the Baha Mar controversy and resume construction at the resort.

Officials have said that Baha Mar is 97 per cent complete.

“The receiver managers and the (EXIM) bank have been in negotiations with the construction company to settle an agreement to resume construction, and the government has to be a bystander in that because we also have a vested interest because the government has indicated to all concerned that certain things must pertain,” Mr Christie said on Monday.

“For example, notwithstanding a liquidation where people don’t have the right to claim payment, 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.”

He added: “We are a part of that process. We are agitating aggressively, in meetings every day, meetings in the evenings, meetings yesterday, meetings this afternoon, meetings tomorrow, we are involved on a daily basis, and that is why I’m saying, it’s imminent. It’s as close as we’ve been.”

Baha Mar was initially expected to open in December 2014. The property is currently in receivership.

In May, Mr Christie announced that the government and Chinese officials had entered into a “framework agreement” to complete the stalled Baha Mar resort as “expeditiously as possible.”

Tarzan 8 years, 4 months ago

Pure fiction. This speech will be given serially for the next twelve months until the election is concluded.

mangogirl01 8 years, 4 months ago

You on a rolll and on point, lmao!!

doublec125 8 years, 4 months ago

You're everywhere mayne lol. At least I had a laugh after reading P.C. had to say.

banker 8 years, 4 months ago

More "dead-good" news? I can't stand it.

Honestman 8 years, 4 months ago

Mr Christie said: “I think we are closer to a resolution than we’ve ever been before.

Well if there is in fact to be a resolution then that statement would obviously be true. It would be true whether the resolution is five months away or five years away! Typical Christie speak.

Franklyn 8 years, 4 months ago

from being paid in full ...to be paid as near to 100 per cent of what they’re owed as possible. OMG

Franklyn 8 years, 4 months ago

Our Prime Minister has taken over the World Comical Award from Iraq Information Minister Muhammed Saeed al-Sahaf as the world new Comical Minister -

https://youtu.be/yfAeMtcURg0

kaytaz 8 years, 4 months ago

So what about the employees Mr. PM

TalRussell 8 years, 4 months ago

Comrades! Can The Bahamaland tourism best do do without the revamping of the Baha Mar concept, unless it is totally totally revamped as a major condition of sale to new owners?
To date this white elephant has cost the state in excess of $1 Billion dollars in cash, lands and concessions. The damage to the nation's tourism industry will run in he billions and billions of dollars. NO more, NOT A RED PENNY in state moneys should be spent on Baha Mar, regardless of what is proposed by its new owners. Will the millions owing for light bill be paid upfront by the new owners on date of takeover Are they going make the Bahamalander business owners made financially whole on date of takeover What about the states Billion Dollars that should have been invested in a new general hospital?

islandlad 8 years, 4 months ago

I think that the PM needs to invest (of his personal money and not that which continues to be of Bahamian tax payers) in a copy of Websters dictionary and look up the word "Imminent" as he has used this word soooo many times in the last year in regards to a resolution that it is clear he does not know the meaning of the word.

CommonSense 8 years, 4 months ago

I wish he would just shut up. It's been "imminent" for over a year now. SHUT UP.

asiseeit 8 years, 4 months ago

The Prime Minister is a god dam teller of untruths. The man is pathological fibber, he actually believes the nanny he spews! May PGC feel the pain he has inflicted upon our nation ten fold, and that is being kind compared to what others wish upon the demon.

i_land_boy 8 years, 4 months ago

Paying the Bahamian contractors "as close to 100% as possible" is not F@&king good enough. 5% could be as close as possible, by that definition. vague wording like that is what scares me. there is no way that any deal should be struck until Bahamian contractors get 100% of their money back with interest and compensation to make up for the suffering these companies had to endure while their money was being held. If China state cant commit to that, then we are truly getting screwed here. the fact that our govt is compromised in this deal means we will get screwed no matter what as the chinese can now take whatever they want while the PLP is in control. the fact that we are getting led around by the nose by foreigners in our own country is shameful.

Franklyn 8 years, 4 months ago

there is never a mention of those (contracted Bahamians) contractors/subcontractors of CCA Bahamas who owe Bahamians millions for work done at the Baha Mar site - CCA Bahamas never filed for bankruptcy so why are these Bahamians not being paid while CCA build its new hotel in the faces of these Bahamians.

THE PM has to go!!

SP 8 years, 4 months ago

...........News Flash - PM Christie "left" us a long, long time ago!.........

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