The Tribune

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

TAKING issue with the “drip, drip” pace of details concerning the remobilisation and future sale of Baha Mar, the Free National Movement yesterday renewed demands for full disclosure from the government.

FNM Leader Dr Hubert Minnis said the revelation of the recent Baha Mar asset acquisition by Perfect Luck Holdings Limited raised more questions than it answered, making the point that the continued secrecy posed a serious challenge to accountability.

For his part, FNM Deputy Leader K Peter Turnquest called for full disclosure of the financial concessions granted to facilitate this transaction, as well as the amount of stamp tax and value added tax collected on this transaction and where those sums have been applied.

Dr Minnis also took issue with the fact that it was only “indirectly revealed” that Perfect Luck - through the acquisition – had become the new owner of the beleaguered Cable Beach mega resort.

Dr Minnis said: “All we get is a slow – drip, drip – of very small details every now and then, but not the whole picture. Since this company is only a temporary owner of Baha Mar and will only be overseeing the final construction, the Bahamian people deserve to have these critical questions answered.

“If the Bahamian people do not know who the new owners of Baha Mar are, how can we hold them accountable?”

“The deal that Prime Minister Christie struck with his Chinese allies has been shrouded in secrecy from the start,” he said.

“The Bahamian people have been demanding all of the details of this secret deal but they have repeatedly refused to reveal any specifics.”

The government confirmed last 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.

The statement released by the Office of the Prime Minister confirmed a report published by Tribune Business earlier this month, which revealed that Deloitte & Touche receivers sold the resort to a SPV owned by the Export-Import Bank of China (CEXIM), the project’s $2.45 billion secured creditor.

Yesterday, Dr Minnis said the party did not know much about Perfect Luck, except that it was registered in Hong Kong in 2014. He questioned whether Bahamians were entitled to know the identity of the company’s owner(s).

“Last week, it was indirectly revealed by Prime Minister Christie that Perfect Luck Holdings Limited is the new owner of Baha Mar,” he said.

“Up until recently, Mr Christie had only acknowledged that Perfect Luck purchased the debt that Baha Mar owed to its former employees and contractors. This new information only leads to more questions than it does answers.”

Dr Minnis said: “The Free National Movement stands with all of the people who are still concerned and troubled by the lack of transparency and details of the PLP’s deal made with the Chinese, which was shrouded in secrecy and then sealed by the courts on behalf of this government.

“The people continue to cry out for transparency and accountability,” he said.

“It’s time for the prime minister to finally unseal his secret deal and reveal to the Bahamian people all of the details of the secret deal he struck with his Chinese allies.”