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China to fund new hospital

The Government is aiming to “break ground” on New Providence’s new $290m hospital by September 2024 after the project was approved for “concessionary financing” from a Chinese state-owned bank.

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‘Reimagined’ Bahama Grill to feature 102-room hotel

ERIC Gibson Jr, developer and owner of Bahama Grill on West Bay Street, is seeking approval from the Department of Physical Planning to construct a seven-storey, 102-room hotel complete with a “reimagined” Bahama Grill on the 1.39-acre plot.

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Former attorney jailed for 18 months

A FORMER attorney was allowed one last weekend with his family before he will be taken into custody on Monday to serve an 18-month prison term after he accepted a plea deal for stealing $1.7 million from his clients.

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Tourism reaps double digit summer growth

A senior hotelier yesterday asserted that the industry’s “greatest growth opportunity” lies in increasing room inventory with summer rates and occupancies ahead of 2022 comparatives by double digits.

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‘My dog was hours from death’

WHEN Rex was six months old, his owner, Karen Silverman, learned the puppy would die within hours if she didn’t get him the proper medical treatment.

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Gov't ready to guarantee Nassau's $290m hospital

The Government is prepared to guarantee the $290m financing for New Providence's new hospital, a Cabinet minister revealed yesterday, adding: "This is a worthwhile investment for the Bahamian people."

Cruise ship on way to Bahamas hit by rough seas

A cruise ship on a trip to The Bahamas navigated rough seas off the South Carolina coast over the Memorial Day weekend.

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Courier firms blocked on ‘seven figure’ tax arrears

Several courier companies have been temporarily barred from clearing imported shipments over their failure to pay up to “seven figures” in due taxes to the Government, a top official confirmed last night.

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Dirty money - The biggest policy failure of all

THE Central Bank’s former chief enforcer says the US and UK are the biggest recipients of “dirty money” and suggests racial bias against countries like The Bahamas in anti-money laundering (AML) programmes.

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‘No need to fear’ over Scotiabank-NUA deal

Bahamas First’s top executive yesterday dismissed concerns over its wholly-owned agency’s tie-up with Scotiabank, saying: “The market doesn’t need to fear there’ll be unfair competition.”

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Bahamas urged: ‘Go back into the tourism business’

A prominent architect is arguing that The Bahamas must “go back into the tourism business for itself” to reverse the “dramatic drop” in its competitiveness versus faster-growing rival Caribbean destinations.

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Passenger who landed plane says ‘hand of God’ was with him

A MAN with no flying experience, who kept his cool on board a small plane that took off from The Bahamas, says “the hand of God” was with him after the pilot collapsed at the controls.

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Warning of busy hurricane season

WEATHER experts are predicting an active and “above average” Atlantic hurricane season, with four major hurricanes expected this year.

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FACE TO FACE: A return to Eleuthera to be part of something truly special

WHEN Keyron Smith was a little boy growing up in Eleuthera, he was fascinated by the planes that would fly above his home across the street from the North Eleuthera Airport.

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FRONT PORCH: COVID-19 – Magical Thinking is Killing Us

SINCE December, a steady flow of Bahamians have continued to die from COVID-19. The great majority of these were unvaccinated. More will continue to die, especially with a new wave likely on the horizon in the weeks ahead. Some estimate a new wave may begin within six to eight weeks.

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Love Beach residents ‘in the dark’ over controversial project approval

RESIDENTS of Love Beach say they are in the dark over the reported approval of the controversial “The View at Love Beach” project and don’t know what exactly the government has approved.

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Baha Mar judge seeks Bahamian judicial help

A New York judge has signed off on requests for Bahamian judicial help over the British Colonial Hilton’s sale and other issues relating to Sarkis Izmirlian’s $2.25bn fight with Baha Mar’s contractor.

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Change law so staff pay for COVID tests

A top hotelier yesterday issued “a clarion call” for The Bahamas to eliminate legal stipulations that mandate employers must pay for their workers’ COVID-19 testing.

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When will we get vaccine?

AS the United Kingdom became the world’s first country to authorise use of a COVID-19 vaccine, Minister of Health Renward Wells said the government is still determining which brand it will secure.

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Finlaysons fail in COVID bit to halt creditor's pursuit

The Court of Appeal has rejected the Finlaysons' bid to use the COVID-19 pandemic to halt a US financier's pursuit over a multi-million dollar debt owed on a luxury yacht.

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Employers 'do not have the right' to see medical records without employee's consent

HEALTH Minister Renward Wells said employers do not have the legal right to request medical records of employees without their written consent.

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PM announces national lockdown

Prime Minister Dr Hubert Minnis has announced a national lockdown for the entire Bahamas in the ongoing fight against COVID-19.

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PM announces international travel restrictions, 15 new COVID-19 cases

Prime Minister Dr Hubert Minnis announced on Sunday that international commercial flights and commercial vessels carrying passengers will not be permitted to enter the Bahamas from Wednesday unless they are from Canada, the UK or the European Union.

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UPDATED: PM tables resolution to extend emergency orders

UPDATE: Prime Minister Dr Hubert Minnis tabled a resolution in the House of Assembly Wednesday to extend the emergency orders until June 29. Dr Minnis also said he will make an announcement tomorrow on the easing of restrictions in New Providence Grand Bahama and some Family Islands.

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PM: 'No timetable' for phased re-open

The prime minister yesterday declined to give timelines for re-opening the Bahamian economy as he unveiled a six-phase strategy for achieving this objective. Dr Hubert Minnis, in unveiling the staged approach recommended by the National COVID-19 co-

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UPDATED: Bahamas rating under review for downgrade, says Moody's

Moody’s has predicted that the Bahamian economy will shrink by 8 percent this year as it put this nation “under review” for a downgrade to so-called “junk” status.

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No new cases but there may be a surge

THE number of confirmed COVID-19 cases in the Bahamas remained at four over the weekend, but health officials warned against a false sense of security as they brace for a surge in numbers.

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NIB to offer assistance to virus victims

THE National Insurance Board announced it will offer assistance to workers who have contracted the novel coronavirus or are quarantined due to exposure to the virus. NIB also announced workers who are temporarily laid off due to the economic impact

‘Irreparable harm’: Local broker’s fear dismissed by SEC

US federal regulators have dismissed fears that a Bahamian broker/dealer will suffer “irreparable harm” as a result of its probe, accusing its principal of “forum shopping” to defeat their efforts.

Bahamian broker’s chief has ‘total SEC defence’

The principal of a Bay Street-based broker/dealer says he and his 60 Bahamian staff have “a complete defence” to the allegations levied against them by US federal regulators.

Bahamas broker blasts ‘sham’ US investigation

A Bahamas-based broker/dealer yesterday accused US federal regulators of “doing everything in their power to harm” its business through a six-year probe it branded as “a sham”.

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Bahamian broker left at SEC mercy

A Bahamian broker/dealer and its staff remain at the mercy of US regulators after a federal court found its principal had failed to justify the imposition of an emergency restraining order.

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Broker defeats its suspension

A Bahamian broker/dealer has hinted it resorted to court action to remove the five-day licence/registration suspension imposed on it last week by the Securities Commission.

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Mother’s race against time to raise funds for medicine

THE mother of an eight-year-old boy diagnosed with a rare hereditary condition is again appealing to the public for help in securing the life-saving medication needed to treat her son.

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Baha Mar to open without sale close

Baha Mar’s April 21 opening was yesterday branded “an election gimmick”, after it was confirmed that the acquisition by Chow Tai Fook Enterprises (CTFE) will not close until all construction work is completed.

Bahamas broker owner negotiates settlement, plea over $17m ‘fraud’

The owner of a Bahamas-based brokerage has reached “a settlement in principle” with US federal regulators over allegations that he played a key role in a $17 million financial fraud.

Broker: I was FBI’s ‘bait’ for fraudsters

A Bahamas-based broker and its principal have allegedly been used as “bait” by the Federal Bureau of Investigations (FBI) to help snare numerous international securities fraudsters.

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Gunman shot dead by the man he tried to rob

A GUNMAN was shot and killed early yesterday morning by a man he was intending to rob, police told The Tribune yesterday.

Broker’s principal admits defeat in battles with SEC

The principal of a now-defunct Bahamian broker/dealer has conceded defeat in his legal battle with US federal regulators, and is now exposed to summary judgments he cannot pay.

Receivers confident Baha Mar buyer ‘in place’ by end-2016

Baha Mar’s receivers yesterday expressed optimism that a new owner for the $3.5 billion project will be “in place” before year-end 2016, with all bids due to be submitted by May 7.

Receivers ‘delusional’ if thinking Sarkis’s offer can be beaten

Sarkis Izmirlian says efforts to ‘buy back’ his $3.5 billion development have been foiled because Baha Mar’s receivers have failed to provide him with details and “timelines” on the Supreme Court-approved sales process they are running.

Receivers release several top Baha Mar executives

Five more senior Baha Mar executives have been terminated from their posts with the $3.5 billion development, providing further evidence there is no imminent resolution to the project’s plight.

PM is urged: ‘Flex muscles’ for Sarkis

The Prime Minister was yesterday said to have performed a “180 degree u-turn” in his relationship with Sarkis Izmirlian, amid calls for him to “flex his muscles” in support of the original developer’s latest Baha Mar proposal.

Baha Mar financier confirms Bahamian creditor slippage

Baha Mar’s financier yesterday admitted Bahamians had been pushed further down the ‘creditors queue’ by the receivers’ financing requirements, as it slammed “entirely unfounded” suggestions that it was responsible for the project’s demise.

Baha Mar Board resigns en masse

Sarkis Izmirlian and his fellow directors resigned from Baha Mar’s Board last week, with one last night expressing scepticism over the Prime Minister’s assurances that all Bahamian contractors and creditors will be ‘made whole’.

Sarkis to ‘rise and go again’

A former Baha Mar director yesterday suggested that Sarkis Izmirlian will “rise up and go again”, but not in the Bahamas with its “sullied” investment reputation as a result of the project’s demise.

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Sudden storm floods parts of Nassau

A SUDDEN storm brought flash flooding to parts of New Providence on Sunday afternoon, with accompanying lightning forcing the abandonment of the Lucayan Cup beach soccer tournament at Malcolm Park.

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Two murders since Friday take year’s total to 116

A 25-year-old man was stoned to death early Saturday morning in a shanty town off Gamble Heights, hours after a security officer was shot multiple times and killed off Shirley Street.

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VIDEO: Freddie Ramsey charged in BEC contracts bribe case

A 78-year-old man denied collecting more than $500,000 in bribes over a four-year span concerning generator purchase contracts for the Bahamas Electricity Corporation (BEC) in Magistrates’ Court on Friday morning.

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PM: I won’t be forced out

PRIME Minister Perry Christie spoke frankly to party supporters yesterday, telling a crowd that he would not allow anyone to put a “proverbial political gun” to his head telling him when to demit his post.

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Attorney General to go public ‘soon’ over BEC bribe

ATTORNEY General Allyson Maynard Gibson said yesterday that officials are reviewing the files concerning an alleged bribery of a former member of the Bahamas Electricity Corporation, adding that she will soon go public about the next course of action in the matter.

Court must back dismissal of top Baha Mar staff

Baha Mar’s senior management cannot be dismissed by the $3.5 billion project’s joint provisional liquidators without the Supreme Court’s permission, although regular employees can be released “in the ordinary course of business”.

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Judge approves govt's petition for Baha Mar liquidators

SUPREME Court judge Justice Ian Winder has approved the goverment's petition for the appointment of provisional liquidators for the stalled Baha Mar resort development.

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Judge approves petition for Baha Mar liquidators to 'prevent depletion of resort's assets'

JUSTICE Ian Winder said on Friday that his approval of the government's petition for the appointment of provisional liquidators for the stalled Baha Mar resort development was limited to preventing the depletion of the $3.5 billion resort's assets.

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Baha Mar plan aims to remove Chinese firm

BAHA Mar’s proposed bankruptcy plan calls for the rejection of its construction contract and all other claims with China Construction America (CCA), and its parent company China State Construction Engineering Corporation (CSCEC), in a bid to restructure the stalled mega-resort.

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Baha Mar files Chapter 11 'viable framework' reorganisation plan in Delaware

BAHA MAR announced on Thursday morning that its 15 affiliated entities that commenced Chapter 11 cases before the United States Bankruptcy Court in Delaware on June 29 have filed their Plan of Reorganisation.

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Bahamas stop for royal tour?

THE DUKE and Duchess of Cambridge are reported to be planning a major royal tour of the Caribbean with their two young children next year.

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Obie: Drop resort wind-up petition

TOURISM Minister Obie Wilchcombe yesterday called for the government to suspend its winding up petition and focus on its role as a mediator in the stalled Baha Mar negotiations.

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Sarkis: Government has chosen perilous path

BAHA Mar CEO Sarkis Izmirlian said the Christie administration has chosen a “perilous path” with its petition to appoint liquidators to oversee the $3.5b property, stressing that his company’s Chapter 11 bankruptcy filing is the best option.

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Rosewood exit a 'big loss' to Baha Mar, says Wilchcombe

TOURISM Minister Obie Wilchcombe described the decision by a major hotel brand to pull out of the stalled Baha Mar project a "big loss" as he called for all parties to stop their "legal wrangling" and work together to open the $3.5bn mega resort.

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Roberts says Minnis did not declare

DOCUMENTS released yesterday by PLP Chairman Bradley Roberts purportedly showing that FNM Leader Dr Hubert Minnis did not declare his government contract when he registered as a candidate in the 2007 general election.

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Judge sets Baha Mar winding up ruling for September 4

JUSTICE Ian Winder said on Friday that he required two weeks to come to a decision on whether to grant - or strike out - the government’s winding up petition for the appointment of provisional liquidators to speed up completion of the stalled Baha Mar development.

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Resort: Dismiss this slap-dash liquidation petition

BAHA Mar’s legal team did not mince words yesterday when calling on a judge to dismiss the government’s winding up petition for the appointment of provisional liquidators to speed up completion of the stalled Cable Beach development.

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UPDATED: Rosewood bids to quit Baha Mar as govt argues for wind up petition

ROSEWOOD Hotel and Resorts International, a hotel brand at the stalled Baha Mar development, on Wednesday filed a motion in a Delaware bankruptcy court to terminate its license with the $3.5bn West Bay Street project.

‘You can’t fake things in such an obvious way’ says CCA email

AN email seemingly sent inadvertently to Baha Mar officials by an employee of China Construction America (CCA) Bahamas last October warned its intended recipients they could get “in trouble” for faking specification compliance at the property “in such an obvious way”, according to court documents filed by the resort.

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PM refuses to respond to questions on Baha Mar

PRIME Minister Perry Christie yesterday refused to respond to questions regarding the stalled Baha Mar mega resort amid looming concerns over the future of the $3.5bn West Bay Street development.

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Minnis: Come clean on any Baha Mar deals

FNM Leader Dr Hubert Minnis yesterday urged Prime Minister Perry Christie and Attorney General Allyson Maynard-Gibson to “come clean” and reveal if there are any other Cabinet ministers, members of Parliament or their family members who have contracts with Baha Mar.

Let’s go to Delaware and avoid conflict of interest

CONFLICT of interest … in such a small country with so many Bahamians mixed up in each others businesses, conflict of interest will always be the out-sized elephant in the room.

Dr Hubert Minnis criticised for AG resignation call

FORMER PLP Cabinet Minister George Smith yesterday criticised Dr Hubert Minnis for calling for Attorney General Allyson Maynard-Gibson to resign due to her alleged conflict of interest with Baha Mar, adding that the FNM leader simply acted “without understanding the procedure that governs the conduct of ministers.”

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Pastor slams ‘ugly war of words’ in Baha Mar dispute

PROMINENT pastor Reverend C B Moss yesterday said the public fighting between members of the Christie administration and Baha Mar developer Sarkis Izmirlian has pushed Bahamians onto the proverbial “knife’s edge” with its “ugly war of words.”

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Loretta: Govt lashing out while Baha Mar has caused ‘tailspin’

LONG Island MP Loretta Butler-Turner yesterday criticised the government, saying at a time when the unopened Baha Mar resort has caused a “tailspin”, the Christie administration has turned to lashing out at those who are critical of its “ineptness” and inability to resolve the matter.

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Christie and Mitchell stress the importance of PM’s Office

PRIME Minister Perry Christie and Minister of Foreign Affairs and Immigration Fred Mitchell both stressed the importance of respecting the Office of the Prime Minister yesterday, in a veiled reference to controversial statements made by Baha Mar CEO Sarkis Izmirlian.

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Loretta: Retract or quit over Sarkis

LONG Island MP Loretta Butler-Turner yesterday called on Prime Minister Perry Christie to make his Cabinet ministers retract their “extremist” statements against Baha Mar developer Sarkis Izmirlian or resign.

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Baha Mar tight-lipped on Mitchell investigation

BAHA Mar yesterday declined to comment on the revelation that its developer Sarkis Izmirlian was under investigation by Ministry of Foreign Affairs and Immigration Fred Mitchell.

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Ocean Club manager fired for nodding off ‘had been working double shifts’

DANTE Bain, assistant hotel manager of the One & Only Ocean Club, Paradise Island, and last year’s winner of the club’s Manager of the Quarter award, was forced to resign last week to the surprise of many of his admiring colleagues.

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Christie and the AG under fire over ‘conflict of interest’

FNM Leader Dr Hubert Minnis yesterday called for Attorney General Allyson Maynard-Gibson to resign from Cabinet in light of what he sees as a conflict of interest with her role as a government negotiator on Baha Mar and her daughters owning stores that have leases with the stalled project.

Izmirlian ally urges: Chinese must budge

A key Sarkis Izmirlian ally yesterday urged Baha Mar’s $2.45 billion lender to negotiate a resolution with the project’s principal, even though he is unlikely to make any further financial concessions himself to resolve the Baha Mar dispute.

Gov’t ‘definitely’ beat first $150m VAT goal

Value-Added Tax (VAT) “definitely” generated more than the $150 million net revenue increase targeted for the 2015 first half, a top official yesterday revealing that June’s compliance rates matched those for the first quarter.

INSIGHT: ‘Let Bahamians finish Baha Mar’

As the wrangling over Baha Mar becomes ever more tense, CEO Sarkis Izmirlian wrote to the president of The Export-Import Bank of China, Liu Liange, on July 23 in an effort to break the deadlock over China Construction America holding the resort “hostage” and asking for a response to his proposals by today. This is what he wrote.

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PLP Chairman: Sarkis is ‘anti-Bahamian’

PLP Chairman Bradley Roberts has accused Baha Mar CEO Sarkis Izmirlian of being “anti-Bahamian,” adding that the developer is “obstructing” the completion and opening of the Cable Beach project for his own gain.

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PM: Warnings to Sarkis are not position of the govt

PRIME Minister Perry Christie yesterday said the warnings issued to Baha Mar CEO Sarkis Izmirlian by two of his Cabinet ministers is not the position of the government.

Mr Prime Minister get your ministers under control

YESTERDAY Prime Minister Christie attended the breaking of ground to launch the construction of China Construction America’s $250 million luxury Pointe development on the site of the Sheraton British Colonial Hotel in downtown Bay Street.

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AG: No Baha Mar conflict of interest

ATTORNEY General Allyson Maynard-Gibson has said there is no conflict of interest regarding her daughters owning stores that have leases with Baha Mar and her role as a government negotiator over the stalled project.

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Mitchell’s office accuses Dr Rollins of ‘betrayal’

FOX Hill MP Fred Mitchell’s constituency office yesterday accused Fort Charlotte MP Dr Andre Rollins of “betrayal of the worst kind” for his “defamatory” characterisation of their representative as an “enemy of the state.”

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‘Psych tests for all developers’

LABOUR Minister Shane Gibson yesterday defended Foreign Affairs and Immigration Minister Fred Mitchell’s public warnings to Baha Mar CEO Sarkis Izmirlian, and suggested that the government should now begin performing “psychological evaluations” on all foreign developers seeking to do business in this country.

Baha Mar to grill China on Gov’t dealings

Baha Mar yesterday upped the ante in the $3.5 billion dispute by giving notice that it will interrogate its Chinese partners on just one topic - “all communications” between themselves and the Government since the Chapter 11 bankruptcy protection case was filed on June 29.

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Shane Gibson warns Melia management to cooperate

LABOUR Minister Shane Gibson yesterday warned Baha Mar and the management of the Melià hotel to cooperate with its bargaining agent, the Bahamas Hotel Catering & Allied Workers Union in accordance with the law or face punitive measures.

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Govt will pay Baha Mar salaries till $21m runs out

DEPUTY Prime Minister Philip “Brave” Davis yesterday confirmed that the Christie administration will continue to pay Bahamian employees at Baha Mar until the $21m owed to the mega resort by the government for roadwork is exhausted.

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BREAKING NEWS: Baha Mar given leave to appeal Bahamian bankruptcy ruling

A SUPREME Court judge has granted leave for Baha Mar to appeal his previous ruling not to recognise its ongoing Chapter 11 bankruptcy proceedings in the Bahamas.

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Mitchell to Sarkis: Conform or leave

FOREIGN Affairs and Immigration Minister Fred Mitchell yesterday continued his public recrimination of Baha Mar CEO Sarkis Izmirlian, saying an invitation should be extended to the developer “to consider making the appropriate steps to live elsewhere” if he cannot conform with the expected conduct of “economic guests.”

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Baha Mar petition ruling put off to Aug 19 after CCA objects to liquidators

A SUPREME Court judge adjourned proceedings on the government's petition to wind up Baha Mar to August 19-20 on Friday morning after revelations that Baha Mar's contractor has expressed reservations about the personnel appointed to serve as provisional liquidators for Baha Mar.

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Baha Mar: winding up process “abusive and oppressive”

BAHA MAR issued a statement following the adjournment of the Supreme Court hearing on the government’s petition to wind up the resort on Friday, calling the application “misguided” with fatal flaws and the process “abusive, oppressive and in bad faith”.

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Govt says Baha Mar statement 'misleading'

THE Christie Administration continued its public feud with Baha Mar Friday, calling the resort's most recent press statement concerning Friday's Supreme Court adjournment of its winding up hearing "misleading”.

Sarkis: Chinese ‘unfair’ over guarantee demand

Sarkis Izmirlian has refused to provide the financial guarantee sought by Baha Mar’s Chinese partners because he feels they are “not being fair” in demanding he cover the bulk of the $400 million refinancing package.

Agreement of co-operation signed between BAMSI and Ocean University of China

ADVANCING the Memorandum of Understanding signed in January, officials from the Bahamas Agriculture and Marine Sciences Institute and the Ocean University of China yesterday formally signed an agreement of co-operation that will foster the academic links and the development of the north Andros institution.

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Govt leaves talks blaming Baha Mar

THE government yesterday blamed Baha Mar’s refusal to provide a guarantee for additional lending as the only element that stood in the way of securing a deal for the completion of the $3.5bn mega resort after the Bahamas delegation left talks in Beijing empty-handed for a second time.

Bank: Baha Mar ‘stripped us’ of $2.45bn security

Baha Mar’s main financier last night accused the developer of “stripping from it through the back door” its $2.34 billion loan security, arguing that there was “no possibility” it could restructure via the Chapter 11 process.

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Baha Mar blasts ‘sham’ CCA offer

THE bitter war of words between Baha Mar and its general contractor continued yesterday with resort executives calling China Construction America’s (CCA) offer to invest $100 million in the stalled project a “sham”.

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Baha Mar wants contractor out

Resort wants local workers to finish building

DESPITE the government’s return to Beijing, Baha Mar developer Sarkis Izmirlian is seeking to strike a deal with its Chinese lender to cut the resort’s general contractor, China Construction America, out of negotiations and use Bahamian contractors to complete the project, according to a letter sent to Export-Import Bank of China obtained by The Tribune.

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YOUNG MAN'S VIEW: The implications of the Baha Mar saga

IT appears that the Baha Mar saga will be occupying the front pages and serving as lead stories in newscasts for many months (and likely years) to come.

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Chapter 11 bid refused: Baha Mar application denied, Govt ‘vindicated’ by ruling

BAHA Mar’s ongoing Chapter 11 bankruptcy proceedings in the United States will not be recognised in The Bahamas, a Supreme Court judge ruled on Wednesday morning.

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Baha Mar court ruling tomorrow

A JUDGE yesterday said he required two days to give an oral decision on Baha Mar CEO Sarkis Izmirlian’s motion to uphold, in The Bahamas, the developer’s ongoing Chapter 11 bankruptcy proceedings in the United States.

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INSIGHT: Mission Implausible - Why the Allyson Adventure to China was a desperate and doomed ploy

Richard Coulson insists a Bahamian Chapter 11 procedure is the only way forward for Baha Mar.

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Cash asks if the plan was always to wrestle control from Izmirlian

FORMER Free National Movement Chairman Darron Cash yesterday questioned if it was Prime Minister Perry Christie’s plan all along to “wrestle control” of Baha Mar away from its developer Sarkis Izmirlian.

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TRIBUNE BUSINESS ANALYSIS: Izmirlian sacrificed for Chinese benefit

Let’s be clear: If the Government’s bid to appoint provisional liquidators to take over Baha Mar succeeds, then Sarkis Izmirlian and his family will be out, potentially costing them their entire $850-$900 million investment.