THE GOVERNMENT OF THE BAHAMAS HAS SIDED WITH CHINESE PRINCIPALS AND FILED A COURT PETITION TO LIQUIDATE BAHA MAR SO AS TO TAKE IT AWAY FROM THE PROJECT’S DEVELOPER SARKIS IZMIRLIAN – that is what the Prime Minister announced tonight. This means the government is asking the Court to bring Baha Mar as it exists today to an end (liquidation). The Prime Minister announced that China ExIm wanted Izmirlian to drop his court cases against them that allege sabotage, shoddy work and unjust accounting practices and that ChinaExIm did not want to agree for more time to negotiate with Izmirlian, the project’s developer. He also announced that China ExIm wanted Izmirlian to drop his Chapter 11 protection filing in the US (even though it did not oppose the filing in US Court as was its first right to do). Mr. Christie announced that the government agrees with and hence has sided with what China ExIm wants, and as such, the government has filed a motion in our Supreme Court to put the project into mandatory liquidation. WHAT THIS MEANS IS THE GOVERNMENT OF THE BAHAMAS, NOT SARKIS IZMIRLIAN, HAS TAKEN ACTION IN COURT TO KILL WHAT WE NOW KNOW AS BAHA MAR. Baha Mar’s Chapter 11 Bankruptcy Protection filing was to keep the company in existence while the company tries to re-organize. The government has now moved to bring the company as it exists to an end – THAT IS WHAT LIQUIDATION MEANS.
NO ANNOUNCEMENT WAS MADE BY THE PRIME MINISTER ABOUT WHAT WILL HAPPEN TO THE PROJECT’S EMPLOYEES OR TO THE PROJECT IN ITS CURRENT FORM. SINCE THE GOVERNMENT WANTS TO HAVE BAHA MAR TAKEN FROM ITS DEVELOPER USING THE COURTS AS A COVER, WHO DO THEY PLAN TO HAVE THE PROJECT GIVEN TO?
What we have been saying all along is clearly true – the government of The Bahamas has partnered with a foreign agency (an agency being sued under allegations of project sabotage in The Bahamas). This partnership has taken actions against a Bahamian development that employs thousands of Bahamians and against a longstanding, legitimate permanent resident investor in this country who also runs the Melia on Cable Beach.
WELCOME BACK TO THE 1980’s BAHAMAS WHERE WE COULD NOT BEG A LEGITIMATE INVESTOR TO INVEST HERE DUE TO GOVERNMENT ACTIONS THAT WORKED AGAINST A HEALTHY INVESTMENT CLIMATE IN THE BAHAMAS. And welcome to a Bahamas where a government encourages an investor to invest hundreds of millions of his money and resources into a project, only for that same government to get in bed with others, and work together with those groupings to take the investor’s project away from him. And welcome to a Bahamas where a government is willing to do any and everything to protect its political viability, whether the country, its people, its economy and reputation suffer as a result, or not.
SO NOW THAT THE GOVERNMENT CLAIMS THAT BAHA MAR WON’T BE IZMIRLIAN’S RESPONSIBILITY DUE TO THEIR ACTION IN COURT – IT IS THE GOVERNMENT OF THE BAHAMAS THAT IS TO BE HELD RESPONSIBLE FOR WHAT HAPPENS NEXT TO EMPLOYEES, INVESTORS AND SUPPLIERS OF BAHA MAR AS WELL AS OF THE MELIA.