PM: Govt has been told Baha Mar buyer’s name

As of Monday, September 5, 2016

By TANEKA THOMPSON

Tribune News Editor

tmthompson@tribunemedia.net

PRIME Minister Perry Christie said he and a government delegation that travelled to London, England, to meet with investors last week were informed about the identity of the anticipated buyer for the beleaguered Baha Mar resort, however he said he could not name the group because of the delicate stage of negotiations.

His comments were aired on ZNS News last night and came about a week after he suggested on a local talk show that the government did not yet know who the prospective buyer of the $3.5 billion resort is.

“We were informed as to the company itself, it is obviously multi-faceted in every which way, it’s a conglomerate,” Mr Christie said from London, flanked by members of his delegation.

“We are unable to speak at this stage as to who they are because again negotiations are taking place in Beijing and in Hong Kong and for that matter elsewhere with respect to an agreement being arrived at - the EXIM Bank, the importance of us participating as much as possible and insofar as knowledge of what is taking place so that we are in a position at all times to protect the interest of our country.”

He added: “We are well-advised by the best of the best when it comes to law, we are not taking anything for granted. We are taking maximum steps to protect the best interest of the Bahamian public, particularly those who were working, those who were sub-contractors and those who had franchises in the Baha Mar complex.”

Two weeks ago, Mr Christie announced that construction on the stalled resort is expected to resume this month in a move to have the project open no later than the end of the 2016/2017 winter season. He said the government had reached an agreement with the Export-Import Bank of China (CEXIM) to remobilise the property.

However he has faced considerable criticism for announcing the deal without revealing specifics about the agreement, such as the name of the “world-class operator” that will purchase the resort and more details about payments to former employees and Bahamian creditors.

During the London trip, the government delegation also met with officials of Hutchinson-Whampoa and the Mediterranean Shipping Company Ltd (MSC), owners of the Freeport Container Port.

MSC has planned a $300 million expansion of the Freeport Container Port, which is expected to create 600 jobs.

“We agreed a date for breaking the ground on and commencing construction,” Mr Christie told ZNS. “That is going to happen we think some time in the month of October, most certainly we’re looking forward to certain discussions to really anchor that particular date.”

MSC also intends to launch a maritime training school for Bahamians in Freeport, in conjunction with the College of the Bahamas.

“We spoke about a training academy in Freeport and the difficulties they had,” Mr Christie said. “We indicated to them that by greater collaboration with the government we could bring about better results quickly. We had a full discussion on the way forward with respect to phase five and possibly phase six of the expansion of the Container Port.

“Along with Mediterranean Shipping we had discussions on other subsidiary industries that could come about with respect to the port. We discussed timing again and what we have to do to bring about the start of construction and we feel very good about it because all through this we’ve been looking at the creation of good jobs and sustainable jobs for Bahamians.”

Minister of Tourism Obie Wilchcombe, Attorney General Allyson Maynard-Gibson, Minister of Grand Bahama Dr Michael Darville, Minister of Education Jerome Fitzgerald and Senior Advisor to the Prime Minister Sir Baltron Bethel accompanied Mr Christie on his trip.

The delegation was in London from September 1-4.

Required 7 years, 7 months ago

Perry think this is a game of Chinese whisper, eh?

MonkeeDoo 7 years, 7 months ago

No, Chinese Checkers !

Honestman 7 years, 7 months ago

It's looking more like a Chinese take away!!

proudloudandfnm 7 years, 7 months ago

Man Perry can't be that stupid....

PLPs. Yall really need to.retire this old fool now.

Most useless man ever to serve in the HOA....

John 7 years, 7 months ago

Do you know it is the Chinese modus operandi to stall projects in the middle of operations or when they are nearing completion? And they are doing it on projects all around the world, every continent and in over one hundred countries. This is their way of getting governments and owners of private to "bow" to China. And they, the Chinese, always com out having the project owners yield to greater demands. This may be in the form of cash or longer duration for the project, meaning more employment of Chinese nationals, or even expansion of projects resulting in more materials, capital and labor from China. And yes, sometimes they do ask for participation in the ownership of the project or even for management contracts. And now China is threatening to move all its corporate headquarters located in the UK because of conflicts resulting from Britain's exit from the EU. You must negotiate with China with stiff gloves and never ever bow down.

Honestman 7 years, 7 months ago

So true. China does not play by the rules of the democratic world. They have declared economic warfare against us all. Their success depends on weak and corrupt governments taking their bait. Christie and the PLP were easy prey - it wasn't even sport.

Well_mudda_take_sic 7 years, 7 months ago

It's the next government of the Bahamas and not this jackarse Christie who's vulnerable to extortion by the mainland Chinese because of his own dire political frailty who should be negotiating on behalf of the Bahamian people. Vomit Christie will give the communist Chinese whatever they want to save his political butt! Christie is shamefully and wrongfully engaged in "selling out" the Bahamas and the Bahamian people. Whatever his communist Chinese friends are in the process of extorting from him has absolutely no validity going forward in the eyes of the Bahamian people and therefore need not be honored by us, period!

GrassRoot 7 years, 7 months ago

they will all get Bahamian passports so they cant be hanged for corruption and stealing from the People of China. Maybe some Bahamian politicians should start thinking about asking for Chinese Passports?

GrassRoot 7 years, 7 months ago

maybe its Anbang? Interesting read in NYT titled:"Behind China's Anbang: Empty Offices and Obscure Names"

http://www.nytimes.com/2016/09/02/wor...">http://www.nytimes.com/2016/09/02/wor...

The_Oracle 7 years, 7 months ago

So you know who they are? Did you beg sufficiently? Grovel enough? promise everything beyond your pathetic pervue? sell out everything you could think of that is still left worth something? A disgrace, a total and utter disgrace which history will judge most harshly.

jusscool 7 years, 7 months ago

http://www.telegraph.co.uk/sponsored/...">http://www.telegraph.co.uk/sponsored/... Pick your choice!

SP 7 years, 7 months ago

....... PM Christies Desperation Is His Greatest Enemy And Dangerous For Bahamas .......

With an election looming and his back hard against the wall with nowhere to turn, after all is said and done, we will find Christie wanting in more ways than one.

Christie has stupidly painted himself solidly into a proverbial corner with no way out. This is a dangerous situation for a nation leader that can only result in dangerous consequences and repercussions for the country.

SP 7 years, 7 months ago

............. If Only Chinese Kiss Ass Christie Had Any Sense Of National Pride ...............

Filipino President Rodrigo Duterte demonstrates the kind of leader Bahamas needs. Not kiss ass, lying, shuk-n-jive, corrupt individuals like Perry Gladstone Christie!

http://www.express.co.uk/news/world/7...">http://www.express.co.uk/news/world/7...

banker 7 years, 7 months ago

Prime Minister Crisco Butt says that they know the name of the buyer, but cannot reveal it because of delicate negotiations.

If they are negotiating, then it means they are not a buyer. They are an interested party. And if the negotiations are delicate, it means that there is a major chance of the sale not happening. This is signficant, because if it is a company of significance, it has to have ties to American capital markets. And if it has ties to American capital markets, there has to be a SEC filing -- even if they are JUST thinking about it. Here are the SEC rules:

When an SEC registrant (acquirer) consummates1 or it is probable that it will consummate a significant business acquisition, Rule 3-05 requires the filing of certain financial statements for the acquired or to be acquired business (acquiree). For example, the registrant may be required to file a Form 8-K with financial statements for a significant acquiree. Rule 11-01(d)-2 Acquisition or Probable Acquisition of a Development Stage Enterprise or Cost Center requires a filing.

Codification of Financial Reporting Policies, Section 506.02(c)(ii), the SEC offers the following guidance: Guidance as to when consummation of a transaction is probable cannot be given because such a determination is dependent upon the facts and circumstances. In essence, however, consummation of a transaction is considered to be probable whenever the registrants’ financial statements alone would not provide investors with adequate financial information with which to make an investment decision.

An entity should consider the following in determining whether the acquisition is “probable” for SEC reporting purposes: • A signed definitive agreement or letter of intent. • Approval from the board of directors or shareholders of the companies. • Submission of the terms of the proposed transaction to appropriate regulatory agencies for approval. • Evaluation of the overall status of negotiations. • Incurrence of financial penalties if the acquisition is not consummated. • Public announcement of a business acquisition.

Other factors may be present, and an acquisition may still be considered probable when none of the above factors exist if the registrant’s financial statements alone would not provide investors with adequate financial information with which to make an investment decision.

The other possibility is that Crisco Butt is lying, and this is more dead good news. That is the stronger possibility.

Alex_Charles 7 years, 7 months ago

confirming that it's Chinese. Also the Chinese have a stalled nuclear project in the UK as it's become apparent that the Chinese are not to be trusted in owning or even partial ownership/knowledge of another country's power grid, let alone the UK.

Theresa May stalled and it is very likely she will kill it altogether. The world has learned from the Bahamar debacle and China's rampage in the South China Sea that they are serpents and thieves. Even Russia was wary selling them Fighters after it became apparent in the 70s and 80's that the Chinese reverse engineered the jets to make POS copies of them.

Alex_Charles 7 years, 7 months ago

And once again the Bahamian people get fked in the A$$ by the Führer.

Sieg Heil, Mein Führer Christie!

MaLambee 7 years, 7 months ago

I don't say much, but we have no idea what we are in for. There is no aggression like Chinese Aggression, and no there was not one Bahamian sitting at the round table who could have taken one of the chinese on. This is what they do..... all over the world. I know these people and you have to be independent, aggressive, smart and strong to deal with them. Heaven help us all.

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