UPDATE: Government on Baha Mar Negotiations

The following is a statement from the Government of The Bahamas:

Three days ago, the Prime Minister made a Statement to The Nation, regarding the successful outcome of the Baha Mar negotiations.

In his Statement, the Prime Minister highlighted many of the details of that Agreement:

The FACT that construction at Baha Mar will be resumed as quickly as possible;

The FACT that the China EXIM Bank has committed to fund all remaining constructions costs to complete Baha Mar

The FACT that we are making every effort to ensure that the casino and casino hotel, the convention centre and its hotel, and the golf course, will open before the end of the 2016-2017 winter season;

The FACT that the thousands of former Bahamian employees of Baha Mar will receive the following outstanding amounts due to them: unpaid salaries, severance pay, accrued vacation pay, and notice payments due to termination;

The FACT that additionally, sums deducted from employees and former employees’ salaries and pension contributions will be repaid;

The FACT that funds will be made available to enable Bahamian creditors and contractors to receive a significant part, and possibly ALL of the value of their claims;

The FACT that Bahamians holding commercial leases and concessions, will be permitted to continue to hold them;

The FACT that many of the same people and companies who were previously contracted, will be re-engaged to complete the Project,

The FACT that the Government of The Bahamas and the Bahamian utility companies, such as BPL, will receive payment for some of their outstanding claims against the Baha Mar companies;

The FACT that the Government will extend appropriate concessions, to facilitate the construction and promote the successful future operation of the Baha Mar resort;

The FACT that the completed project will be sold to a qualified world-class casino and casino hotel and convention centre and hotel operator.

Baha Mar, the largest project ever of its kind in the Region, is a complex, commercial transaction that requires significant attention to detail. The Government, together with other stakeholders will continue to work to implement the obligations under the Agreement.

The government will not be distracted from its efforts and will continue to work for and on behalf of the Bahamian people.

There have been allegations that we have offered citizenships.

This is FALSE.

There have been allegations that we have given away or sold islands.

This is FALSE.

Nothing has been given by way of concessions that has not been offered before to previous investors.

As the Prime Minister said in his Statement, re-mobilisation of the project will begin immediately.

This has already started.

The Prime Minister also said, construction will begin next month.

Preparation is already underway.

It is important to note that the Baha Mar Group of Companies are the subject of liquidation proceedings, governed and supervised by The Supreme Court. The full details of the Agreement that enables re-mobilisation were revealed to The Court. The file in the matter has been sealed by Order of The Court. This is usual in matters of this kind so that sensitive negotiations may proceed and conclude in an orderly fashion, in the public interest.

Arrangements for the transfer and the payout of creditor, including employee claims, are currently being finalised.

In the coming days, further announcements will be made as to how employees and creditors may submit their claims.

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