By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
Baha Mar’s joint provisional liquidators yesterday confirmed they were already meeting with some of the development’s more than 3,000 Bahamian creditors, briefing them on “progress to-date” and their goals.
Ed Rahming, the KRyS Global (Bahamas) accountant and partner, told Tribune Business via e-mail: “We have been, and continue to meet with, creditors who include contractors, suppliers, vendors, etc.
“We are informing them of our role as joint provisional liquidators , the progress of the provisional liquidation to-date, and our goals.”
Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, also revealed that the private sector organisation had met with Mr Rahming and his fellow joint provisional liquidators, Nicholas Cropper and Alastair Beveridge.
He added that discussions between the two sides had focused on the joint provisional liquidators’ mandate “and what they are doing to get the work started”.
Mr Sumner told Tribune Business that Mr Rahming and his team had, in particular, met with “the larger contractors” who had been employed on the Baha Mar project and were owed substantial sums. Osprey’s joint venture with Yates, for example, is owed over $5 million.
“They’re continuing to have necessary meetings, and are open to meet, especially with contractors who have outstanding credit issues with Baha Mar,” he added of the joint provisional liquidators.
Mr Sumner said the Chamber had reiterated its position that mediation and/or binding arbitration was the best method for resolving the Baha Mar dispute, and expressed hope that the joint provisional liquidators will “find some success in that process”.
He added: “While we would have liked for the Baha Mar matter to be resolved through arbitration or mediation with all parties sitting at the table, we are pleased that at least one of the mandates of the joint provisional liquidators is to promote a solution among all parties for the best way forward to get the resort opened. “We are prepared to assist in any way possible to move the business forward. Many of our members are directly involved as they have made investments to participate in the Baha Mar dream, whether through contractor or vendor services, retail or dining or other. But we know the greater impact on the entire economy in terms of potential revenue, jobs, entrepreneurial opportunities and a new product for a country whose major economic driver is tourism.”
Mr Sumner was accompanied by Chamber directors whose businesses have been directly impacted by the $3.5 billion project coming to a standstill.
The directors present included Michael Maura, chair of the alternative dispute resolution (ADR) division at the Chamber and chief executive of Arawak Port Development; Tara Morley-Nolan, chair of the small and medium-sized enterprises (SME) division and Cole’s of Nassau; and Lana Lee Brogdon, of New Oriental Cleaners
Mr Rahming said: “As joint provisional liquidators, it is our responsibility to preserve and protect the assets and, toward that end, we are pouring through documents to establish a clear picture of the factual status of project.
“However, even as we perform those tasks, it is important to keep the lines of communication open with all who are impacted. We respect the Bahamas Chamber of Commerce as the voice of business, so we are appreciative that they reached out. The meeting was productive for explaining our role and our doors remain open.”
Comments
Well_mudda_take_sic 8 years, 7 months ago
Christie has every reason to be happy. At the end of the day the Chinese, on a net basis, have no more invested in Baha Mar than the Izmirlian family, perhaps the equivalent of USD 1 billion at most. Monies from the credit facilities extended by China EXIM Bank went into the pockets of the Chinese construction company, the Chinese sub-contractors and all of their Chinese workers involved with the project. The conflict of interest in having Chinese financing married with Chinese construction/labour all but assured profits for the China state controlled enterprises would be padded as much as possible by the cutting of corners at the work site, which no doubt has resulted in hidden poor quality workmanship throughout the project that will cost hundreds of millions of dollars to fix. A full blown costly investigation by non-Chinese engineers would need to be done to reveal all of the serious shortcomings in the quality of the Chinese workmanship that has no doubt left the project's structures unsafe in many respects. The Chinese obviously put monies in other non-Chinese Bahamian pockets (and I'm not just talking about local Bahamian contractors!) in order to bring things to the failed state where they are today, leaving many poor Bahamians and Bahamian taxpayers left holding the proverbial empty bag. It's all about seeing the bigger picture.......a massive screwing of the Bahamian people by the Chinese crawling into bed with our greedy corrupt dimwitted politicians (in the same way they have done throughout much of Africa....starting with a stadium)......and we Bahamians all know the ones at the top of that very greedy list of self anointed political elite in our country who could not care less about the Bahamians who foolishly voted them into office!
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