The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

WHILE a significant number of investors continue to show interest in the unopened Baha Mar resort, Prime Minister Perry Christie said the Export Import Bank of China has made significant movement in resolving the $3.5bn hotel’s issues which have caused the ongoing deadlock.

Mr Christie said he was not only optimistic that in the not too distant future Bahamians would receive a significant statement giving an indication of new developments, but that an upcoming Inter-American Development Bank (IDB) conference would be held in Baha Mar’s convention centre. This gathering he said is expected to take place in March 2016.

Mr Christie added that he and China Construction America (CCA) – the resort’s general contractor - are “on the same page” when it comes to fully paying Bahamian contractors money owed to them.

He explained to reporters yesterday following the morning session of the House of Assembly that he had been guarded with statements concerning Baha Mar because any major developments are up to the EXIM Bank and the receivers, Deloitte and Touche, to reveal.

However, he said, he could confirm that Bahamian investors, Americans and businessmen out of China, among others, have expressed interest in the West Bay Street mega resort.

“I have had, on my trip from London, a very long and involved telephone conference with the president of the bank in China,” Mr Christie said. “We discussed the significant number of investors who had come forward from China. They include major construction companies, engineering companies, communication subsidiaries, equity funds (and) some very significant lawyers who have made visitations to The Bahamas to look at the property.”

He said the bank continues to meet with major potential investors who then would request a meeting with the government.

“There is significant movement. I continue to strongly advocate the resumption of construction in the shortest possible time. I continue to believe that that will happen. I continue to advocate that all Bahamian contractors should be paid in whole. I, notwithstanding commentary in the newspaper from former directors of Baha Mar, continue to believe at this stage that that has to happen and that it will.

“I have argued strongly for those young workers in particular who were categorised at 2,000 in number who were made redundant that we must move quickly.

“There is one additional bit of information that I must tell you is that the Inter-American Development Bank conference is being held in March in the Bahamas with a large number of people coming. I expect and fervently hope that the convention facilities at Baha Mar will be used to facilitate that convention because you need more than the Melià (Nassau Beach Hotel) ballroom. You need any number of facilities for such a conference.

“In short, I am anticipating that in the not too distant future you will have a significant statement giving an indication of what I am talking about.”

He added: “I have spoken with the construction company as well with a view to just confirming that we are on the same page and happily for me the construction company has taken the view that they must pay their contractors.”

Last month, new developments concerning the resort prompted stakeholders to ask a Supreme Court judge for an adjournment of a winding-up petition until February 2016.

Baha Mar filed for bankruptcy in a US court in June, however, the cases relating to the resort’s Bahamian companies were eventually thrown out of the American court. In response to the bankruptcy filing, the government filed a winding up petition against the resort in the Supreme Court.

In September, the Supreme Court approved the appointment of joint provisional liquidators to oversee the resort. Then, in October, the Supreme Court granted the Exim Bank’s request to appoint Deloitte and Touche as receivers.

Baha Mar was first expected to open in December 2014 and then missed a subsequent opening date in March 2015. An opening for early May was then planned; however that target was also missed.