Prime Minister Perry Christie yesterday announced during his budget communication in the lower chamber, that after successful negotiations in Beijing with China Exim Bank, China State Engineering and The Bahamas Government, China Construction America (CCA) remains contracted to complete the stalled Baha Mar project.
This announcement came just days after a group called “Baha Mar Citizens” wrote a letter pleading with Mr. Christie to not reengage CCA into Baha Mar’s completion, asserting that the company does not have Bahamians best interest at heart.
However, Mr. Christie said the companies involved have committed to working closely with the government to bring about success for the project.
He also noted that the entire process is being carried out under the supervision of the Supreme Court.
“Therefore, these matters are subject to confidentiality and, as such, only limited information may be shared who are running this process. It is hoped that the selected investor could be determined shortly and submitted for the necessary Government approval,” Mr. Christie said.
“The Bahamian Government is fully committed to providing all necessary assistance and cooperation required for the early remobilization, completion, opening and successful operation of the project — which includes the establishment, out of the Office of the Prime Minister, of a task force to enable proper coordination between Government agencies,” he added.
The prime minister noted that there is one secured creditor, China Exim Bank.
Meanwhile he said the first round of bids for an investor, have just recently closed, as he noted that there are a number of reputable investors who are being evaluated.
Additionally, Mr. Christie addressed how the completion of the resort would affect displaced Baha Mar workers.
“I have personally met with representatives of employees and in particular casino employees. And Mr. Speaker, they will have, every single one of them, who is willing to go back to that place, they will be supported by the government of The Bahamas,” Mr. Christie said.
- Christie also assured that the same contractors will be reengaged in the project.
Late yesterday, Baha Mar developer, Sarkis Izmirlian, released a statement responding to the Baha Mar .
“Today’s statement by CEXIM and CSCEC defies the sensibility of all Bahamians who toiled so hard in the belief that the Baha Mar would be opened in a timely manner as a world-class destination. It is very discouraging that China EXIM Bank, knowing full well the serious irregularities already demonstrated by its sister company China State Construction Engineering Corp, would now turn to this very same entity to complete the work which its subsidiary CCA has failed to do time and again on previous schedules that it has provided,” said Mr. Izmirlian.
“There is nothing in CCA’s past performance at Baha Mar that should lend confidence that they can complete Baha Mar on any schedule they provide and refrain from re-engaging in deceitful business practices, including overbilling and substituting inferior materials and systems to the detriment of the potential of this resort. This is of particular concern if CCA is to undertake the completion absent independent testing and supervision such as that provided by the original developer. The possible ramifications of all of this include fatal impairment to the unsecured creditors, the depriving of much needed work for Bahamian contractors, and increased risk with respect to whether or not the BM resort will indeed ever open,” he continued.
Mr. Izmirlian urged China EXIM Bank to enter into discussions with him with respect to his offer, which would allow the” unsecured creditors to be paid, the bank to not to have to incur a discount on the monies it is owed, and which would facilitate the return of many Bahamians to work”.
The members of the opposition were obviously not impressed by the prime minister’s announcement.
Fort Charlotte MP Andre Rollins tauntingly asked throughout the prime minister’s presentation, “what did you promise the Chinese?”
However, Mr. Christie maintained that the government acted in the best interest of the country, as he dismissed any assertions which the Fort Charlotte MP and his colleagues attempted to make.
