Pm's Baha Mar Agreement Lacks "Any Specifics" And "Definitive Guarantees" Says Resort Developer

BMD Holdings said on Wednesday that the Prime Minister’s comments this week regarding the future of Baha Mar leave the Bahamian people without any specifics about a definitive buyer, the price that the China 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.

In a statement BMD Holdings said: "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. Of particular interest is both the scheme that has been concocted between CCA (China Construction America), 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."


Observer 3 years, 6 months ago

Please reveal any guarantee, relevant to the business at hand, issued by BMD Holdings. ??????????????????? We are still waiting.


Sign in to comment