Categorized | National News

BMD Demands More Baha Mar Details

The investment vehicle controlled by Baha Mar developer Sarkis Izmirlian issued a press statement yesterday urging Prime Minister Perry Christie to release the complete details of the new Baha Mar agreement.

BMD Holdings stated that the prime minister’s comments this week regarding the future of Baha Mar left the Bahamian people without any specifics about a definitive buyer, the price that Chinese Export Import Bank (CEXIM) is contemplating for the resort and any definitive guarantees that any unsecured creditors will receive any of the monies they are owed.

“We call on the Government of The Bahamas and CEXIM to reveal the specifics of any completed transaction and provide in detail how unsecured creditors would benefit from this purported transaction,” the company said in a statement.

“Of particular interest is both the scheme that has been concocted between CCA, and CEXIM and the source of such payments, when unsecured creditors who completed the work they were contracted to complete have yet to be paid or guaranteed payment.

“Despite the fact that CCA deceived the prime minister and the whole of The Bahamas over a year ago regarding its guaranteed completion of Baha Mar, they are permitted, and will be paid, to return to the project.

“Among other reasons, this further shows cause behind our motion to move Baha Mar to a full liquidation under which all parties’ owed money have a better opportunity of representation in order to protect their rights and bring Baha Mar to a more constructive solution to the benefit of all Bahamians.

“As stated before we stand ready, willing, and able to move forward to complete Baha Mar. We call on The Government of The Bahamas and CEXIM to meet with us to bring the project to completion in a forthright manner deserving of The Bahamas.”

In June, Mr. Izmirlian and BMD Holdings accused the government of conspiring with the Chinese to “sabotage” Baha Mar’s Chapter 11 bankruptcy protection, and claimed it had put CCA and China Export-Import Bank’s interests above those of Bahamian creditors.

BMD Holdings joins several prominent persons and groups over the last several days that have been imploring the government to be forthcoming in regards to the full details of the agreement.

Opposition Leader Dr. Hubert Minnis on Tuesday said that there may be more than what meets the eye in regards to the deal, implying that the government gave up a vast amount of land and citizenships in order to get the deal completed.













Written by Jones Bahamas

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