The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Deputy Prime Minister yesterday urged Grand Bahama to look beyond the controversy and focus on the $5.5 billion Oban Energies project's benefits, saying: "There's more to the story than what you see."

K Peter Turnquest, addressing the 20th annual Grand Bahama Business Outlook conference, tackled the concerns swirling around revelations that Peter Krieger, Oban Energies' non-executive chairman and public face of the multi-billion dollar project, settled a Securities & Exchange Commission (SEC) lawsuit alleging misappropriation of investor funds.

"I know that there is a lot of talk about what happened with Oban, but I want Grand Bahamians to focus on the benefits that this project will bring to Grand Bahama," he said. "There is more to the story than what you see. You will probably be hearing more about that as the project proceeds."

Mr Turnquest said the Oban Energies group was in east Grand Bahama yesterday, beginning their Environmental Impact Assessment (EIA). "We have confidence that this project will move forward; the funding is available," he added.

"The environmental concerns will be addressed and, at the end of the day, we will have a project that will be a catalyst for the development of Grand Bahama as a whole and east Grand Bahama, in particular."

Mr Turnquest continued: "I saw some comments on social media saying we gave the land away and we should take it back. The truth of the matter is we haven't given away any land, and everything is contingent on the requirements in that Heads of Agreement, which will be tabled."

Oban Energies signed a Heads of Agreement with the Government on Monday, as the Progressive Liberal Party (PLP) raised concerns over the company's financial capabilities and track record in the oil industry.

Concerns have also been expressed over the fact that the company has signed a Heads of Agreement with the Government before completing the EIA, which Mr Krieger said would be completed in 45 days. Sources subsequently suggested this was an almost-impossible timeline that is unlikely to be achieved.

Mr Krieger's past legal issues, exposed this week, have cast more suspicion over the project. Mr Krieger paid $110,000 to settle an SEC lawsuit about a decade ago, although he did not admit guilt or innocence in the case.

He was also a defendant in a legal action filed in 2013 by the Bahamas-based judicial manager for a sister company of the insolvent insurer, CLICO (Bahamas), in which he was accused of misappropriating $8.7 million of the company's funds for his own personal use. The case against him was dismissed after it was determined that the statute of limitations had passed.

Mr Krieger has stressed he is an "ambassador" for Oban Energies, and will have an "extremely limited" role once approvals are obtained. Prime Minister Dr Hubert Minnis told reporters on Wednesday that the Government was aware of Mr Krieger's past before the Heads of Agreement was signed.

Kwasi Thompson, minister of state for Grand Bahama, while addressing the Business Outlook defended the project as a positive development for Grand Bahama's ailing economy. "For those living in Grand Bahama, you see the value in this project," he said.

"For those who do not live and feel our plight here should be careful not to judge so quickly. We expect that the approval process will continue to the next stage, which is the Environmental Impact Assessment stage."