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Deloitte And Touche Appointed Receiver Of Baha Mar

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

THE Supreme Court granted a request from the China Export-Import Bank to appoint Deloitte and Touche as receiver of the stalled $3.5bn Baha Mar resort on Friday.

Although the terms of the arrangement are not clear, the move sidelines the developer, Sarkis Izmirlian, more than ever.

The Tribune understands that Deloitte Managing Partner Raymond Winder and a Deloitte and Touche partner from Hong Kong have been named as receivers.

While receivership was anticipated by many, some stakeholders Friday were caught by surprise by how quickly it took place given that the respective parties had until November 25th to resolve their dispute ahead of a Supreme Court hearing on whether to put the company into liquidation.

The move is the latest consequence of the dispute that has brought the project to a standstill, culminating in more than 2,000 employees being made redundant last week.

On Friday, State Minister for Legal Affairs Damian Gomez said he anticipated receivership, saying "the Chinese are putting themselves forward to put up the money to move the project forward”.

Free National Movement (FNM) Deputy Leader Peter Turnquest added that the move is "one of the last remaining options other than full liquidation. It's the last viable option”.

Regarding what this means for developer Sarkiz Izmirlian, who has invested $850m in the project, Mr Turnquest said: "It certainly sidelines him. It removes him from the decision table. He will have to hope for a successful completion and try to assert his minority rights. The receiver can now act in the best interest of the project irrespective of financiers, the original developer, or the government."

In a statement released Friday, the Supreme Court's Joint Provisional Liquidators, Alastair Beveridge and Edmund Rahming, said they would work closely with the receivers to get Baha Mar open.

"Our role now is to work closely with Deloitte as the bank's appointed receivers with a view to exploring and deciding on the most appropriate strategic option in order to see the resort completed and open for business," the statement said.

Comments

realfreethinker 1 year, 6 months ago

The chinese got what they always wanted. They knew if they had tried to get the hotel done on their own government would have refused. They loan Izzy the money and just before the place was completed they pulled the rug from under him,now the Chinese state own one of the largest piece of prime land in this side of the planet. It was all facilitated by this inept government. Brush on yall mandarin cause yall ger need it.

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Chucky 1 year, 6 months ago

you must be joking, one of the largest pieces of prime land this side of the planet? You must be on PLP drugs This country is a sh*# hole and getting worse by the day, but even in its prime our land was nothing but barely above sea level and baron, certainly not prime on the scale of the region, much less the hemisphere.

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Honestman 1 year, 6 months ago

The big unanswered question is whether or not this was the Chinese government's plan all along? Or perhaps China joined the project not caring whether it succeeded or not? If it succeeded fine - if not, China would acquire the property by default. Regardless, the reality is that the Chinese State (in whatever form) now owns the Hilton, The Pointe and Cable Beach. It effectively has a stranglehold on the Bahamian economy. Cynics will say that China has bought the Bahamian vote at the United Nations for a loss of a few billion dollars - pocket money to China. Or perhaps the cynics are wrong? Perhaps the Chinese bank will sell out to other hotel groups and cede away ownership and control of the project? Time will tell. For the time being, we should be deeply suspicious of China's motives and deeply critical of the government's handling of this entire fiasco.

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ThisIsOurs 1 year, 6 months ago

They also own BAMSI...our food security plan

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TalRussell 1 year, 6 months ago

Comrades this is an excellent move and what I had predicted months back was going to happen. But unfortunately the cost will have increased by another billion dollars as a result of the time wasting parties jet hoping all over world while spending millions dollars to stop it.
This could have been achieved months earlier. and without the BS negative press releases that have been flying around that now are costing another cool billion to get the resort construction completed and open for business. I would strongly suggest they forever remove all the Baha Mar signage.
Too much bad press under the local and international financial and tourism bridges. To also restart a fresh with the rehiring of a whole bunch new employees not brainwashed as citizens of a failed Cable Beach nation.

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MonkeeDoo 1 year, 6 months ago

"Pinocchios Riviera" sounds very apropos for a new name Comrade Tal. What say you.

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MonkeeDoo 1 year, 6 months ago

I'll bet they did a deal with the JPL's to get rid of the staff liabilities before taking it over. But Pinocchio has told them not to worry because the Government ( Read Bahamian People ) will not forget them.

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MonkeeDoo 1 year, 6 months ago

Winder & Winder is an interesting couple of names here !

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Romrok 1 year, 6 months ago

Simple as this, Sarkis is a white man, modern age Bahamian folk know better, but the ruling lot are still watching the 60s in the USA and saying, that's how it was here, tear gas and marches, and the white man holding him down. The difference, they fought for something. The Bahamas, "what?, you want self rule?, HERE!!!". Boy we took advantage too, took a country on the up n up, and brought it to its ankles, to hell with its knees, we are thorough like that.

Pathetic , and any educated person knows this. Cept those the government educated, they recite the garbage like the Nazi youth.

Ask yourselves, who hurt you more, the UK government, or the fancy new government.

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Publius 1 year, 6 months ago

This is what China wanted from the start and they in fact are not even making a secret about that fact. It was the game plan from ground zero, and the government who is in bed with them is faciitating it. Once that bed catches a fire though, they will be nesting in their comfy Swiss Bank accounts while the rest of us are left to try to save the crumbling wooden structure of a country that the burning bed is in.

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TalRussell 1 year, 6 months ago

Comrade Publius what makes you believe this is what the Chinese wanted from the start? First, it would have been a good starting point had you done your homework to see who, why and how the Chinese became Baha Mar involved. The results will shock hell out of you and lots Tribune readers.

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MonkeeDoo 1 year, 6 months ago

Comrade Tal, Why you don't talk it if you say you know it ?

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MonkeeDoo 1 year, 6 months ago

Go Comrade Tal. We is all ears. You think the damned dock ( which is below the high water mark ) has been taken over too, or dat belongs to we now ? "We da people " But Lord, how we goin' get to it ?

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MonkeeDoo 1 year, 6 months ago

Comrade Tal, how you like the new name for the Riviera ?

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MonkeeDoo 1 year, 6 months ago

I don't think that it is widely known, but if one approaches the airport from the west ( OFB/LC) there is a little sign by the fuel containers recognizing the China ExIm Bank as the financier of the Nassau International Airport aka SLOP Airport. So these Chinkies been here among us for a long time now.

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TalRussell 1 year, 6 months ago

Comrade I have one of the actual army caps Castro wore during the heat of the Cuban revelation. It was given to me as a gift by one of Fidel's most trusted body guards who was forced into exile iin Miami - so this Comrade will be at the ready on a 'dock's" moment of notice, if we have to take to the seas to capture that damn 'dock. We will fly our nation's pride at the far end of what used be Izmirlian's 'dock' that reaches far out to touch da lips da Atlantic Ocean.

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MonkeeDoo 1 year, 6 months ago

The man in the picture trained a lot of White Bahamian Comrades too and now their baby boomer children startin' to feel squeezed by all this crooked shit. Remember Batista ?. Wikipedia - Batista's increasingly corrupt and repressive government then began to systematically profit from the exploitation of Cuba's commercial interests, by negotiating lucrative relationships with the American mafia, who controlled the drug, gambling, and prostitution businesses in Havana, and with large US-based multinationals who were awarded lucrative contracts

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ThisIsOurs 1 year, 6 months ago

Perry done mortgage us...If the Chinese get frustrated enough, will they put the BahamaS into receivership too?

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MonkeeDoo 1 year, 6 months ago

Thisisours: The International Monetary Fund ( IMF ) will be doing that soon.

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MonkeeDoo 1 year, 6 months ago

In the Batista reference previous just substitute China for America and Government for Mafia ! Sound familiar ? The Chinese will have control of the Western Riviera from Downtown to the Airport. They may even own the Prime Minister's Office on Goodman's Bay.

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BahamaPundit 1 year, 6 months ago

Great set of leaders we have. They have now basically handed the keys of The Bahamas over to a communist, dictatorial regime with a terrible human rights record, censorship of free press etc. And people wonder how blacks sold their own race into slavery? Well, it just happened again. Colonialism 2.0. After the Chinese are finished messing with us, Cuba will look like a liberal democracy in comparison.

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Publius 1 year, 6 months ago

Let me guess - if we had a white leader, this would not have happened, right?

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MonkeeDoo 1 year, 6 months ago

Kieth Tinker has recorded. The first record of an African presence in the Bahamas can be traced to the arrival of the Eleutherean Adventurers from Bermuda in the mid-1600s. By 1670 a number of African men, women and children were living in the Bahamas, and four years later Bermuda banished a small group of slaves together with all free blacks and Indians to the Bahamian island of Eleuthera. In the modern day sale of the people they remain in place and the owners are foreign, but the enslavement is the same. Time for China to exit the Bahamas. Persona non Grata.

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MonkeeDoo 1 year, 6 months ago

Publius - f.....g right hombre ! ¿qué es lo que no entiende el señor

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Publius 1 year, 6 months ago

LOL! Didn't you mean 你有什麼不明白?

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MonkeeDoo 1 year, 6 months ago

Publius: Is there any doubt in anyone's mind that the Government and the governing Party have and do, moreso now, control the gambling in this country and in particular the underground gambling. And they control what is left of the shattered economy, and they are about to destroy the health care industry. Bahamians are a lackluster, laid back, set of people and never protest till their back is against the wall and it is too late.Shake the dilly tree, dilly drop !!!! This is how the Iraqui's have been overrun because these people are too lazy to defend there own country and so it is with Bahamians.Too sad, too bad. .

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Baha10 1 year, 6 months ago

Leaving China and our Government to one side, at some point one must accept incompetent Directors and Managment coupled with perhaps the worst Legal Represntation­ and Advise in the history of Business ultimately produces what we have today, a failed Project, irrespective of all of Daddy's money, which in virtually anyone else's hands would have been an uniquivical basis for success. Well done Son, well done ... your decision making and choice of confidants have cost me much embarrassment, not to mention your inheritance.

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MonkeeDoo 1 year, 6 months ago

Pinocchio should send AMG and BB to this to see when they going to take over our financial services business,

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SP 1 year, 6 months ago

..................................... The only conspiracy theory that adds up ..................................

Sarkiz Izmirlian U.S. chapter 11 motion would have allowed the U.S. government leeway to investigate and expose all the dirty deals and collusion with the Chinese Pinocchio and the head witch had built into the development.

This explains the panic causing them to hurriedly and inexplicably jump into the matter which had not mentioned or implicated Bahamas government, claiming sovereignty as an excuse to stop the U.S. courts.

The cat however, is already obviously out of the bag and the U.S. is forensically watching Pinocchio and the head witch having set a trap in motion with Sarkis by having him go on record by announcing through Bloomberg that he is ready willing and able to provide whatever capital is required to complete the development.

Pinocchio and the head witch are now caught between a rock and jail cell.

Hiding behind sovereignty, with time being the only unknown factor will not protect them forever.

Sarkiz Izmirlian is well connected in very high places and will not walk away quietly licking his wounds like apathetic Bahamians.

None

by SP

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MonkeeDoo 1 year, 6 months ago

SP - I think that is right on the money with no pun intended. With a foreign state now owning a significant piece of Bahamian real estate, not only here but up the road as well, what has become of our,now tattered, SOVEREIGNTY. These are both commercial ventures in our number one economic activity.

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SP 1 year, 6 months ago

....................Good question. ,.......,..................

U.S. Will undoubtedly tighten screws on Christie and head witch. Explaining her resolve for chief magistrate position hoping to hide behind soverenty for protection. This is a stop gap move with limited success. Christie dem are fighting a losing battle against U.S.department of international justice.

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MonkeeDoo 1 year, 6 months ago

Someone just sent me this ! They are here and now. Not even Pinocchio !

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