The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THe Government is “living in a dream world” if it believes that Bahamian contractors will be paid the $74m owed collectively for work carried out on the $3.5 billion Baha Mar development, a former Baha Mar director said yesterday, asserting that “no buyer” except the original developer is interested in seeing them paid.

Dionsio D’Aguilar told Tribune Business that the Christie administration’s promises to ensure that Bahamian contractors receive payment for work carried out on the project amounted to very little.

“If they think Bahamian contractors are going to be paid that $80 million because the Chinese feel that it is a good thing to do and they feel in their heart that it is right thing to do then the government is living in a dream world,” said Mr D’Aguilar.

“They can say all they want about how those contractors are going to be paid and that they are going to make sure that they get paid but that doesn’t mean a thing. There is no buyer of Baha Mar that is remotely interested in taking care of Bahamians except Sarkis Izmirlian but they blew him out of the water,” added Mr D’Aguilar.

Prime Minister Perry Christie has repeated promises that Bahamian contractors will be paid for Baha Mar work. The Government has frequently touted the ‘framework agreement’ between itself, China Construction America and the China Export-Import Bank for Baha Mar’s construction restarting as showing evidence of a Chinese commitment to make Bahamian contractors whole. Mr Christie, speaking during an interview on Kiss FM with radio personality Ed Fields, last month confirmed that the China Export-Import Bank and its receivers are under no obligation to compensate Bahamian contractors - and any other unsecured creditors - for work completed at Baha Mar.

He then said: “We have asked for the Bahamian contractors to be paid as near to 100 per cent of what they’re owed as possible. So in any negotiations going forward, we expect that to be a major point, where up to over $100 million in debt is owed to Bahamian contractors, and we want Bahamian contractors to be paid.”