The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmycock@tribunemedia.net

The Prime Minister yesterday said he had “no interest” in forcing out the Grand Bahama Port Authority’s (GBPA) existing shareholders, but emphasised that Freeport and the wider Bahamas “can’t wait” for growth-inducing change.

Perry Christie yesterday used the opening of the Sir Jack Hayward bridge to say he was not employing “coercion” to force the Hayward and St George families to sell the GBPA.

However, he underscored the urgency with which he wanted to finalise, and announce, the way forward for Freeport and, by extension, Grand Bahama, for the next 20 years.

Mr Christie said he had planned to make an announcement on Freeport, and the Hawksbill Creek Agreement review, on Wednesday in Parliament, but instead had to fly to Washington D. C. to attend an energy summit.

“Grand Bahama must now move, and we believe we are coming up with the formula” that will achieve this, the Prime Minister said yesterday.

He provided no details, although Tribune Business sources familiar with developments said that at the end of last week, no party had signed up to the Memorandum of Understanding (MoU) that the Government had been encouraging them to ink.

Apart from the GBPA and the Government, the other two parties were Mediterranean Shipping Company (MSC) and Hutchison Whampoa, with the Prime Minister hoping that one of the latter two would make an acceptable offer to acquire the Port Authority.

Tribune Business had previously revealed how the Hayward and St George families were digging in their heels, and starting to resent and push back against what they believed was unwarranted Government pressure to force them out.

Apart from the tax incentives due to expire at the end of May 2016, the other leverage that the Government has been employing is the alleged deficits between the revenues and expenditure it incurs annually in Freeport.

The GBPA is legally required to cover these, but the Government is alleging it is not living up to these obligations.

Striking a more conciliatory tone yesterday, Mr Christie said that while he was not trying to force the Haywards and St George’s out, the Bahamas could not afford to wait for change at the GBPA.

“There is no interest on my part of interfering with ownership, and no degree of coercion, but the country can’t wait, and the country must be able to explain to the rest of the people why it is that we are doing this in Freeport, and not doing it in Exuma, or Acklins or Crooked Island,” the Prime Minister said.

“For better or worse, we have had a wonderful level co-operation from Sarah St George and her shareholders. We have been very direct in our discussions and I think they understand my role.

“We as people must work together. We must recognise when the Government makes the decision on this we are making decisions for the next 20 years, and therefore we are automatically tying the hands for another generation. That is why it is so important that we are right.”

Referring to the Government’s analysis of proposed Hawksbill Creek Agreement reforms, Mr Christie said: “We have had the most microscopic examination of...the impact of the GBPA and all of its subsidiaries.

“We have done so because we believe future generations of Bahamians, when they look back at the history, would want to know that at a certain stage someone examined in detailed how this thing works, and whether or not it should continue. Countries have to do that.”

Mr Christie stressed that the Government was very near the conclusion of its discussions and negotiations on the Hawksbill Creek Agreement’s future.

“Last night, Sarah St George (vice-chairman of the Port Authority) met with me in Nassau, where we further discussed the way forward, where I indicated to her that I want to be able to make a communication to Parliament,” the Prime Minister said.

“It was scheduled to be on Wednesday, but I am attending a meeting in Washington with the [US] president for a day on important matters dealing with energy and national security.”

Mr Christie said that when he returns he will be “informing the country of where we are and what the future will be that will ensure that the maximum return is achieved for the people of Freeport and Grand Bahama.”