October 22, 2015
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FREE National Movement Leader Dr Hubert Minnis has suggested that there are “side letters” concerning the Baha Mar project that his government will disclose to the public if elected to office.
BAHA Mar has received government approvals for its gaming license, clearing the path for its casino operations ahead of its soft launch in three weeks, Tourism Minister Obie Wilchcombe confirmed on Tuesday.
FREE National Movement Leader Dr Hubert Minnis yesterday called reports on the push back of the grand opening of the Rosewood hotel brand resort at Baha Mar the first in a series of issues that will plague the resort ahead of its proposed soft opening this April.
Graeme Davis, who will oversee the operations of Baha Mar, if and when his employer, the Chinese conglomerate, Chow Tai Fook, closes on its ownership on the property, has been in many Bahamian media outlets recently, promoting his vision of what he hopes Baha Mar will look like on April 21 and afterwards.
FOREIGN former employees of Baha Mar will be paid by the government appointed Claims Committee next month, committee Chairman James Smith said yesterday.
THE Hong Kong conglomerate in talks to purchase the Baha Mar resort yesterday refuted assertions that it was “unsuited to invest in the country”, stating its commitment to integrity and good governance in business operations worldwide.
AFTER months of speculation and intense national interest, the identity of the company in negotiations to acquire Baha Mar has been disclosed as Chow Tai Fook Enterprises Limited (CTFE).
THE Office of the Prime Minister has urged Sarkis Izmirlian to work with Perfect Luck Holdings Limited, the company that has acquired Baha Mar’s assets, if the resort developer is in a position to make a “credible proposal” to buy the property as he has suggested.
THE Baha Mar Claims Committee, headed by former State Minister for Finance James Smith, has made payments to 1,900 or so former employees and is still considering how to address the claims of other Bahamians who were associated with the resort but were not included on its official list of employees.
BAHA Mar’s secured creditor has acquired the project from its receivers for a sum “substantially higher” than that offered by the top bidder, with the property essentially being sold twice as part of the process.
FORMER State Finance Minister James Smith, chairman of the committee overseeing Baha Mar payouts, yesterday defended the work of the committee amid criticism that former resort employees have yet to be contacted regarding money they are owed.
EDUCATION Minister Jerome Fitzgerald, one of the government’s lead negotiators in the effort to remobilise construction at Baha Mar and pay creditors, objected to criticism yesterday that there are discrepancies between Prime Minister Perry Christie’s confident pronouncements that all Bahamian creditors will receive money owed to them and the Claims Committee’s assertion that payment is not guaranteed.
THE claims committee responsible for administrating payouts to former employees and creditors of Baha Mar updated its website yesterday with additional information about the claims process, including a warning that no one is guaranteed to be paid.
BAHA MAR’S original developer, BMD Holdings, joined the Free National Movement and others yesterday in criticising Prime Minister Perry Christie’s Monday announcement about Baha Mar for lacking specifics.
On June 13 the US House of Representatives overwhelmingly passed the US-Caribbean Strategic Engagement Act of 2016. The act requires the Executive Branch to submit a multi-year strategy for US engagement with the Caribbean region, including plans for promoting greater economic development. Significant bipartisan interest exists in a similar bill in the Senate.
A DAY after former Prime Minister Hubert Ingraham called the Christie administration’s push to have Baha Mar liquidated a bad move, the government hit back saying provisional liquidation “was the only sensible option available”.
GRANITE Ventures Ltd said on Wednesday it is appealing the Supreme Court's denial last month of its motion to pursue the claims filed by Baha Mar Ltd against China State Construction Engineering Corporation (CSCEC) for non-performance and failure on other obligations by its subsidiary, China Construction America (CCA) Bahamas, with respect to the stalled Cable Beach mega resort.
SUPREME Court Justice Ian Winder yesterday dismissed a petition Sarkis Izmirlian’s Granite Ventures filed as part of its process to get the Supreme Court to require Baha Mar’s Deloitte & Touche receivership team to surrender control of a $192m legal claim the company has against China State Construction Engineering Corporation (CSCEC).
The Supreme Court yesterday ruled it was legally impossible for Sarkis Izmirlian to acquire the rights to Baha Mar’s $192 million damages claim against the project’s contractor.
EACH day that Baha Mar sits unused is costing investors hundreds of thousands of dollars, according to a veteran engineering inspector, who urged the future buyer of the $3.5bn mega resort to demand due diligence.
Receiver says 16 buyers interested in stalled project
A JUDGE approved a five-month delay of the government’s winding-up petition concerning the stalled Baha Mar project to see what unfolds in the ongoing sales process that has courted 16 prospective buyers.
BAHA Mar developer Sarkis Izmirlian is “deserving of every consideration” regarding his newly submitted plans to the Export Import (EXIM) Bank of China as he eyes regaining control of the resort with a view to completing and opening the stalled West Bay Street project, Prime Minister Perry Christie has said.
AS the Export Import Bank of China moves to identify new owners for the unopened Baha Mar resort, the Christie administration plans to have bilateral meetings with Chinese “personalities” and “high ranking” officials to advance the government’s position regarding opening the resort, Prime Minister Perry Christie said yesterday.
WEEKS after Baha Mar’s contractor assured Prime Minister Perry Christie and the developer, Sarkis Izmirlian, that all was on track for a scheduled opening at the end of March 2015, the mega-resort’s contractor knew the $3.5 billion project was likely to miss the deadline.
SUPREME Court Justice Ian Winder has again acceded to the Crown's request to further adjourn the government's winding-up petition of Baha Mar until May 2.
FREE National Movement Leader Dr Hubert Minnis has hit out at the Christie administration for continuing to “sell false hope” over the stalled Baha Mar resort, as thousands of the hotel’s former employees remain out of work and Bahamian contractors are owed millions.
IN 2015, Prime Minister Perry Christie’s public stance on the two biggest issues of the year - the stalled Baha Mar project and the rise of violent crime - was characterised by false signals and vague allusions to impending actions that never materialised.
SUPREME Court Justice Ian Winder has acceded to the Crown's request to adjourn the government's winding-up petition of Baha Mar until February 1, 2016.
ACCORDING to sources close to the negotiations, The Tribune has learned that a deal in principle has been struck for Baha Mar between Island Capital Group LLC, a private real estate merchant bank led by Andrew Farkas and partnered by hotel magnate Sol Kerzner, the Export-Import Bank of China and China State Construction Engineering Corporation Ltd.
Bank’s takeover raises fresh economic sovereignty questions, writes Neil Hartnell
DIRECTOR of Labour Robert Farquharson yesterday said the termination of 2,000 people from the stalled Bah Mar resort is a “tremendously concerning” issue that will affect the country’s unemployment rate, which stood at a staggering 14 per cent before the mass layoffs.
TWO THOUSAND Baha Mar employees have been made redundant immediately after Justice Ian Winder granted approval in the Supreme Court on Thursday morning to the Baha Mar joint provisional liquidators’ request to make layoffs.