The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Bahamian accountant Ed Rahming yesterday said he remained one of Baha Mar’s three provisional liquidators amid expectations that their appointment will be ended tomorrow by the Supreme Court.

Mr Rahming, confirming that he was no longer part of the KRyS Global accounting firm, told Tribune Business that this development “doesn’t impact the liquidation and court appointment” in relation to Baha Mar.

He was speaking after KRyS Global’s executive chairman, Kenneth Krys, last week circulated an e-mail disclosing that Mr Rahming was no longer employed by the firm.

“It is with deep regret that I have to inform you that effective 18 November, 2015, Edmund Rahming is no longer an employee of KRyS Global and does not represent the firm in any capacity,” Mr Krys wrote in the e-mail obtained by Tribune Business.

“Going forward, any inquiries should be directed to Michael Schulz or myself. Please do not hesitate to contact me if you have any questions or concerns.”

Mr Rahming declined to comment on why he was no longer with KRyS Global, but Tribune Business understands it may be more a case that the latter has left him.

Sources familiar with the situation said KRyS Global had made “a strategic decision” to exit both the Bahamian and Bermuda markets, a move that has forced Mr Rahming to seek another brand affiliation for his forensic accounting and insolvency practices.

He already operates from the same Caves Village offices under the Intelisys name, which is used for his business intelligence and debt collections business.

“I’ll just keep plugging away,” Mr Rahming said yesterday, promising to “pay the same attention” as he always had to clients - including the Baha Mar liquidation.

Many observers believe that the appointment of Mr Rahming, and the UK-based Alix Partners duo of Alistair Beveridge and Nick Cropper, as Baha Mar’s joint provisional liquidators will come to an end at tomorrow’s Supreme Court hearing.

This is because, with the court having approved the appointment of Deloitte & Touche as the China Export-Import Bank’s receivers for Baha Mar, it is unlikely to continue with two sets of ‘overseers’ - and their attorneys - taking out two sets of fees.

This would not fit with the objective of ‘preserving and maintaining’ Baha Mar and its multi-billion resort assets for the benefit of the China Export-Import Bank and other creditors.

Mr Rahming did nothing to dispel the perception that the joint provisional liquidation would likely end, suggesting the Government may ‘stay’ the proceedings and any move to a full liquidation while the Chinese bank seeks a buyer or operator for Baha Mar.

While the joint provisional liquidators had not been told for certain what will happen, Mr Rahming told Tribune Business: “November 25 is the date. It should come to an end.

“We don’t know what will happen, and what the Government will propose. Right now, we’ve heard the Government wants to stay the official liquidation. We’ll see what happens.”

The joint provisional liquidators will then have their application for costs heard by the Supreme Court on Thursday.