Categorized | National News

Izmirlian Makes New Bid for Baha Mar

sarkis-izmirlianWeeks after the government announced that there is a potential buyer for the multi-billion dollar Baha Mar resort, the resort’s developer Sarkis Izmirlian said that the organisation is prepared to purchase the resort at the best price.

Although the potential buyer and the amount remain undisclosed, in a letter to the Exim Bank, dated October 10, 2016, Mr. Izmirlian gave specific reasons justifying why BMD Holdings would be the best option.

Mr. Izmirlian said that he has notified the Export Import Bank of China as well as Prime Minister Perry Christie that BMD Holdings “is prepared to move forward to purchase the Baha Mar resort with an offer that would be superior in all respects to the previously reported potential sale by the bank to an undisclosed Chinese party”.

The letter comprehensively outlined BMD Holdings’ plans in this regard.

“We are prepared to move forward immediately with a formal offer at a price in excess of the current undisclosed offer. We will pay 100 percent of all substantiated Bahamian claims and all monies owed to Bahamians and Expat employees. We will drop all of our appeals and legal actions in effect within the Bahamian Courts upon acceptance of our offer.We have the full funding necessary in place for such a purchase price,” it read.

In the letter, Mr. Izmirlian maintained that the China Exim Bank (CEXIM) specified that parties interested in purchasing Baha Mar would have to go through a particular receiver’s process; noting that it was for that reason, BMD Holdings has been rejected on its first bid.

Meanwhile, the former developer suggested that the rules seem to be different for the current undisclosed buyer.


“This is very important and surprising. As you must be aware, we previously were advised on multiple occasions by your receivers that all offers were required to be tendered through the receivers’ process, and the multitude of bona fide offers we have made were not considered because of that. In fact, if our offers had been considered, it is very likely that Baha Mar would be open today, employing thousands of Bahamians,” said Mr. Izmirlian.


“Since the potential acquisition of Baha Mar by an unidentified party via an offer outside the Receivers’ process is now what CEXIM is entertaining, we hereby submit the offer, which we are confident is both far superior economically and in the best interest of The Bahamas,” he said.


“My team can conclude this transaction with CEXIM with the fewest surprises in the shortest period of time. We can complete Baha Mar with the soonest opening of all other options. We are in the best position to re-engage the people of The Bahamas as passionate supporters of Baha Mar and its stakeholders. And we can pay the highest price for the benefit of the bank and all its stakeholders.”

“President Liu, I ask that we put our disagreements of the past year behind us. Together, we can move ahead to a swift and mutually beneficial resolution for Baha Mar, which will result in the resort being open as soon as possible to serve the best interests of The Bahamas, as well as the bank. Now more than ever the country, in its time of need, requires us to come together,” he continued.


Meantime, Attorney General Allyson Maynard Gibson responded to Mr. Izmirlian’s offer.


“The purported offer by BMD Holdings Ltd. is a matter for consideration, in the first instance, by EXIM,” Mrs. Maynard Gibson said.


“The Government of The Bahamas will continue to work tirelessly in the best interest of the Bahamian people.”

Written by Jones Bahamas

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