ATTORNEY General Carl Bethel said the government agreed to keep elements of its Baha Mar agreement with China Export-Import Bank sealed because of the commercially sensitive nature of the material.
"We are cognizant that there remain commercially sensitive documents which were sealed at the request of the private parties to the Baha Mar matter, and which remain sealed pursuant to the Court's order," he said during his contribution to the budget debate in the Senate. "After careful review and discussion with the other parities, we are of the view that those documents should remain sealed for the time being, for the legal reasons which have been given by the judge. Those reasons were that the documents should remain sealing to preserve the integrity of the sales process, which remains a commercially live issue."
Regarding a Claims Committee established by the previous administration to pay creditors of Baha Mar the money owed to them, Mr Bethel said $101.5 million have been paid to settle all payments.
He said to his understanding, $2.6 million is being held in escrow to pay preferential creditors of Baha Mar, who are mainly foreign expatriate workers. He said this issue remains subject to the Supreme Court's ruling concerning the Export-Import bank's obligation to pay such claims from their secured assets.
He said: "This Government has made it clear that it would certainly have taken a different approach to the way legal and other matters were handled in respect of the Baha Mar matter. However, no one can deny the importance of the project to the economy and people of The Bahamas. Furthermore, as we have seen demonstrated on more than one occasion, the fortunes of a development of this magnitude have the capacity to affect our international financial ratings. Even though we may disapprove of the way certain legal and other matters were handled in respect of the Baha Mar matter, as a responsible Government, we will do everything to facilitate the completion, sale, and opening of the Resort, so that the full measure of its potential economic benefits can be realized for the Bahamian people."
Comments
Well_mudda_take_sic 6 years, 9 months ago
This is absolute BS! Why in the hell should the Bahamian people want to protect the buyer's rights to outrageously unfair concessions that were obtained by way of corrupt activities involving senior officials of the last government, including Christie himself? Carl Bethel is being too cute and coy in now saying we, the people, have no right to know the sordid details behind the granting of the many unreasonable concessions, including the subsequently revised overly generous additional concessions, that will be a huge burden on the Bahamian people for decades to come. Stop playing with us Mr. Attorney General.....we, the people, want the transparency that we were promised by Minnis and the FNM party in exchange for our votes! No more horse shiite please!!!
TalRussell 6 years, 9 months ago
{Comrades, whatever happened with - It's the People's time - and the red shirts 2017 General General promise to lower the prices on "Bread Basket" food items for the many thousands citizens?}
by TalRussell
DDK 6 years, 9 months ago
Where the H-E-L-L is the Sunshine?
SP 6 years, 9 months ago
Absolutely, totally, unacceptable AG Carl Bethel! The Bahamian people have over $1 Billion invested in Baha Mar and are INTITLED to know every clause involved with it!
Governments being continuous does NOT translate to Bahamian investors being blindsided and kept in the dark.
What kind of "investor" would allow a billion dollar transaction to contain terms that he is not privy to?
AG Carl Bethel and "the private parties to the Baha Mar matter" must take Bahamians as total fools if they think we will sit back and swallow this nonsense!!!
Socrates 6 years, 9 months ago
at the end of the day, we need FDI.. i cant conceive of any commercial conditions that may have been agreed that could be a concern... work permits? so what.. still bahamians employed who without bahamar wouldn't have a job.. which bahamians are investing in major projects? not one.. every single project of any size in this country was by FDI.. like Paul Adderley used to say, we bahamians are just buyers and sellers.. no more, no less....
Sickened 6 years, 9 months ago
How many Bahamians were working at the Crystal Palace before this development started? How many are working, at this moment, at Bahama? I would say there were more Bahamians employed before this project started. Until this hotel is fully operational our workforce and economy suffers. GET THIS THING UP AND RUNNING!!!!
DDK 6 years, 9 months ago
Where are we going to find the clients to fill this monstrosity? Don't statistics show vacationers turning away from hotels and pivoting towards private homes, condos or beach cottages? Don't statistics also show tourists steering clear of over-priced, poorly-serviced and crime-ridden destinations? The gambling junkets may be the pink elephant's only salvation.
The_Oracle 6 years, 9 months ago
Pure same old B.S. The only conceivable and probable reason not to open the deal to public scrutiny is to protect political families whether PLP or FNM. No doubt some of both got their piece. Which means this administrations is no different from any that has gone before. It is too soon to become disillusioned but I see and hear it every where I go. Is Carl Bethel conflicted out himself?
Sign in to comment
Or login with:
OpenID