The revelations surrounding the Baha Mar bankruptcy and subsequent sale are blisteringly scandalous and cast a dark shadow over The Bahamas’ reputation as a destination for serious, transparent business.
The more we learn, the worse it looks for those involved.
With the recent New York Supreme Court ruling outlining the fraudulent actions of China Construction America (CCA) and how members of a former Bahamian government may have colluded to remove developer Sarkis Izmirlian from the project, it becomes clear that what transpired is nothing short of a national embarrassment.
It is well known that Baha Mar was Izmirlian’s vision.
He conceived the idea over two decades ago and worked diligently to bring it to life.
Yet, in 2015, when Baha Mar was teetering on the edge of failure due to repeated delays and failures by CCA to meet project deadlines, Izmirlian had no choice but to file for Chapter 11 bankruptcy protection in the U.S.
This move, designed to safeguard his investment and the future of the project, was blocked by the Bahamian government, which opted for liquidation.
Instead of offering assistance, the ruling suggests the government under then-Prime Minister Perry Christie appeared to side with the Chinese partners, despite their evident role in the project’s failure.
The ruling reveals CCA’s diversion of funds meant for Baha Mar’s subcontractors to other projects, such as the purchase of the Hilton Hotel in Nassau.
These actions directly contributed to Baha Mar’s liquidity crisis and ultimately led to the project’s financial collapse, the judge found.
What is even more alarming is the apparent involvement of senior government officials in supporting CCA’s agenda to wrest control of the project from Izmirlian.
As the court documents reveal, there were concerted efforts to push Izmirlian out, with suggestions that Bahamian government advisors were doing the bidding of CCA to facilitate their scheme.
This is a stain on the Christie administration and, by extension, The Bahamas.
It paints a picture of a country where self-dealing prevails, and where foreign investors cannot trust that they will be treated fairly or that their investments will be protected.
How can The Bahamas expect to attract serious international investors when there is a perception that the government will side with foreign entities at the expense of the country’s own laws and transparency?
The fallout from this scandal is not limited to the Christie administration, of which some of its members still sit in Cabinet.
Unfortunately, the current owners of Baha Mar, who have been excellent corporate partners for The Bahamas, now find themselves entangled in this web of dishonesty.
While they came in after Izmirlian had been forced out, the fact that they now own the property as a result of this fraudulent scheme casts a shadow over their involvement, even though they themselves were not a part of the initial wrongdoing.
This is unfortunate because the current owners have been nothing but supportive of The Bahamas, contributing significantly to employment, tourism, and the economy.
Free National Movement (FNM) Leader Michael Pintard is right to call for an investigation into the matter to determine the role foreign actors may have played in illegally influencing government policy and decisions.
“Such allegations tarnish the reputation of The Bahamas as a credible and legitimate place to conduct business,” he said.
“Unfortunately, we have repeatedly witnessed from the Davis administration that its commitment to accountability and justice in public affairs stops short of examining themselves.”
Pintard said, “Nonetheless, the gravity of this situation demands that the prime minister act responsibly and ensure an immediate investigation by credible and independent parties into the claims that officials of the administration – where he served as deputy prime minister – may have been illegally influenced in their decisions and recommendations regarding the Baha Mar matter.”
He called on the prime minister to demonstrate that The Bahamas is a country of laws, where no one is above justice.
It is crucial that any investigation be thorough, transparent, and conducted by an independent body to ensure that those responsible for this scandal are held accountable.
The suggestion that Bahamian officials, tasked with protecting the interests of the Bahamian people, were instead seemingly working to undermine a project that was critical to the country’s economy is indeed worrying.
The Baha Mar saga has left a lasting scar on The Bahamas, both economically and reputationally.
Thousands of Bahamians lost their jobs when the project stalled, and the ripple effects were felt throughout the economy.
The Bahamian people deserve answers.
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Publish date : 2024-10-22 00:34:00
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Author : theamericannews
Publish date : 2024-10-22 12:00:06
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