Categorized | National News

Govt Vows to Complete Baha Mar

Attorney General and Minister of Legal Affairs Carl Bethel announced in the Senate last Friday that the government will continue the Baha Mar project because of the economic benefits for Bahamians.

During his contribution to the 2017/2018 Budget Communication debate, Bethel said, “No one can deny the importance of the project to the economy and people of The Bahamas.

“The fortunes of a development of this magnitude have the capacity to affect our international financial ratings.”

However, Bethel reveals that the government had an issue with the secrecy of the deal.

Bethel added that “a heads of terms agreement is not commercially sensitive. It’s a deal made by The Bahamas government.”

The attorney general also noted that the Minnis administration had to make an application to unseal the document to see the terms of the agreement.

He said the decision was done “to further and to engender a culture of governmental transparency as promised in the campaign.”

It was discovered that the Christie administration promised 1,200 work permits to be issued to the China Construction America (CCA) and $101.5 million to unsecured creditors.

Bethel pointed out that the SPV Group would have benefited from value-added tax (VAT) exemptions and import taxes for the importation of goods and services for the project and 30 additional work permits for all necessary staff and agents to supervise and carry out the project.

“Even though we may have disapproved of the way in which certain legal matters were handled by the former government in respect to the Baha Mar matter, as a responsible government, we will do everything we can to facilitate the sale, the completion of the project,” Bethel said.

The attorney general will remain engaged with stakeholders and ensure that the matter is on track while updating the public on the matter.

 

 

 

Written by Jones Bahamas

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