The Tribune

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

FREE National Movement Deputy Leader K Peter Turnquest yesterday regretted that Bahamians were only “bit players” in the ongoing Baha Mar saga, as he decried the sale of Baha Mar’s assets to a company created by the $3.5bn project’s financier, the Export-Import Bank of China (CEXIM).

Mr Turnquest warned that it was unwise for one entity to hold such a major stake that it could impact the country’s GDP overnight, referring to the collective investment in both New Providence and Grand Bahama by government-owned Chinese companies.

“We know in the terms of the significance of the investment, it is significant to us as a country, our economy,” he said. “But it is not significant to the EXIM Bank or Chinese controllers, where if they don’t see any urgency in owning it, in operating it, we’re left to flounder.

“Don’t think that it’s wise to have any one entity, whether Chinese or private, to have such a big stake in the economy that they have the power to affect your GDP overnight.”

The government confirmed this week that Deloitte & Touche receivers sold the resort to a special purpose vehicle (SPV) owned by CEXIM, Perfect Luck Holdings Limited.

Once Baha Mar has been completed, under the ownership of the bank’s SPV, the ‘second’ or final sale will occur.

Mr Turnquest, the FNM’s shadow minister of finance, said the latest move evidences that Bahamians are “powerless” when it comes to the embattled Cable Beach project. He noted that the acquisition also shores up claims by conspiracy theorists, who suggested that the bank’s “end game” was to force out the developer and take ownership of the project.

“Whether or not this was the case,” he said, “this was the result. Another significant investment owned by the Chinese government through the bank and we are powerless to do anything about it. With that investment and all the other investments they control here and in Grand Bahama we are at a disadvantage in terms of leverage in respect to ownership of our economy and being able to dictate what happens.”

Mr Turnquest said: “The reality is we ought to really have a look at that whole structure. It’s obvious inside dealing where the bank is selling to an entity that it owns or controls. Where is the objectivity? All the dealings have been secret.

“We as Bahamians, and Izmirlian as a developer/interested party has no idea whether it was fair and aboveboard.”

He added: “We are bit players in this whole saga. At the end of the day we all knew that the Chinese were holding all the cards and would act how they will want to act.”