The Tribune

By KHRISNA VIRGIL

Deputy Chief Reporter

kvirgil@tribunemedia.net

UNTIL the government “comes clean” over the inner workings of Baha Mar’s transfer of ownership, Bahamians will continue to see the ill-fated resort as a product of an “inside job” that shut out the $3.5bn project’s original developer Sarkis Izmirlian, according to Free National Movement Deputy Leader Peter Turnquest yesterday.

This comes the day after Mr Izmirlian slammed the resort’s transfer to Perfect Luck, a special purpose vehicle created by the Export-Import Bank of China, as an “intricate fabrication”.

The CEO of BMD Holdings Ltd said he also found it “bizarre” that nearly two weeks after making a “bona fide” offer to buy Baha Mar, he received no response to his “superior proposal”.

On the heels of this, Mr Turnquest said he doubted the persistent calls for transparency would stop.

“I think that the government has to come clean as to what they gave up,” Mr Turnquest said.

“On the one hand there is this question on fairness given that EXIM transferred all the assets to another influenced entity and that gives the impression that everything may not be above board because it gives the perception its not an arms length deal.

“So the question is to what extent they knew about this deal, what concessions were made and what is the long term and short term cost to the Bahamian people?”

He continued: “Then you have the whole question as far as the prime minister is concerned who by his own admission is aware of the deal because he is handling it as if it is his personally. By his own admission he said that Cabinet doesn’t know and that is a telling tale, one that we have to be very concerned about.”

Asked what he thought of Mr Izmirlian’s persistence, the East Grand Bahama MP said the developer should be given a fair chance.

“It is obvious that Izmirlian didn’t get this far by being less committed to the project. I do think it speaks a lot for him that he persists.

“Unfortunately I think the boat has sailed for that, but if there is an option he ought to be given a fair shake. It would appear, however, that it is an inside job and we can’t allow for this sort of thing to happen.”

In a letter to the bank on Tuesday, Mr Izmirlian spoke out about what has been perceived as shunning from CEXIM.

In a letter addressed to Liu Liange, vice-chairman and president of CEXIM, Mr Izmirlian said not only has the bank not acknowledged receipt of the proposal, but “nor has anyone associated with either the bank, the receivers, or Perfect Luck,” made contact with him.

Mr Izmirlian urged the bank to “engage” with him to find a solution to the current impasse, “help Baha Mar open quickly and successfully, improve CEXIM’s economic position and maximise value for other stakeholders.”