Wednesday, April 13, 2016
By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
BAHA Mar developer Sarkis Izmirlian is “deserving of every consideration” regarding his newly submitted plans to the Export Import (EXIM) Bank of China as he eyes regaining control of the resort with a view to completing and opening the stalled West Bay Street project, Prime Minister Perry Christie has said.
Mr Christie said he recently met with the developer to discuss “a number of new offers” to the bank and has since written officials to confirm that they received the new plans. In an interview broadcast on Our News, he said he has also inquired as to whether the EXIM Bank plans to give consideration to these offers.
Meanwhile, Gowon Bowe, chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), insisted yesterday that Mr Izmirlian was well within his right as the “mastermind” behind the resort to make a bid to regain control of the property.
However, despite this new bid by Mr Izmirlian, Mr Bowe said stakeholders still have to respect the fact that this matter will have to play out in court.
Mr Izmirlian, in a letter sent on Monday, asked the president of the EXIM Bank to accept his offer to complete and open the stalled resort, promising to rehire Bahamian employees while ensuring that the bank does not accept a discount on its debt.
His offer would also ensure that unsecured creditors, many of whom are “suffering in The Bahamas,” would be paid.
Mr Christie said Monday night: “He (Mr Izmirlian) met with me and discussed having put in a number of new offers to the bank. I have written the bank in pursuance of his advising me to ask the bank to confirm that has happened and that they are giving consideration to it.
“Clearly he is deserving of every consideration and it is a question of the bank being in a position to determine what they are going to do.”
“I think it’s a question of the bank making the right decision as what’s best for them and the Bahamas,” he told Our News.
“What Mr Izmirlian has advised me is that he has put in an offer or offers that will not cause the bank to lose any money. I have not seen the offer (but) I am assuming that means it’s an attractive offer. But again it is on the part of the bank. They have to make that decision.”
Asked whether he was of the view that Mr Izmirlian had sufficient money to complete the resort and open it, Mr Christie said although the developer comes from a family that is not short on money, he would like to see how the offer was constituted.
He further suggested that despite public frosty relations between Mr Izmirlian and the government, he was ready to move on and let bygones be bygones.
Speaking to The Tribune yesterday, Mr Bowe added that should Mr Izmirlian’s plans be favourable with the EXIM Bank it would be a good idea for the developer to reengage China Construction America (CCA) Bahamas to complete the project despite the “high level of acrimony” which seemingly exists. Mr Bowe said both have business interests to protect.
“Sarkis Izmirlian has every right to impose on the government to be open to his offer because he was the original developer and mastermind behind it,” he said when contacted.
“To be honest, business makes strange bed fellows and everyone knows there is a strong level of acrimony which exists. But at the end of the day they have business interest to protect.
“CCA has its reputation on the line and I think they would want to correct the perception that they can’t follow through with agreements. As it relates to it I don’t expect to see them toasting champagne, but all of them have a vested interest.
“Persons who you see as sworn enemies in public are the best of friends in private so I don’t think we should read so much into all of the public discourses.”
He continued: “A process is in play. The bank has taken a step to appoint a receiver, which was a calculated step and they were awarded this based on the collateral they put up. So in reality they will still have to go through the process.
“We have to respect that it still has to go through. While his letter is good for persons to see it would be up to the government and the receivers to decide how fast or how slow they go.”
Mr Izmirlian’s letter to the EXIM Bank was a follow-up to the offer he made to the bank on January 11, to which he said he received no response. The terms of the offer have not been publicly disclosed.
He sent the letter following what he called a “positive meeting” with Mr Christie last week.
A formal sale process for the $3.5 billion project began last month, when Baha Mar’s court appointed receivers hired a Canadian real estate firm to market the project to potential buyers.
Mr Izmirlian dismissed that sale process as “opaque, fraught with obstacles and irregularities,” and one “not designed to maximise value for all.”
Comments
marrcus says...
http://www.tribune242.com/news/2015/jul…
July 27th, 2015
261 days ---- I wonder how much in financing interest this cost the project, forgetting about restart costs.
Posted 13 April 2016, 1:18 p.m. Suggest removal
sealice says...
AND YOU PGC DESERVE A SWIFT KICK IN THE ASS!!
Posted 13 April 2016, 1:40 p.m. Suggest removal
SP says...
**Indeed!** Perhaps several well placed swift kicks in the ass will activate his brain.
Posted 13 April 2016, 4:22 p.m. Suggest removal
Honestman says...
Surely he can't be considered again without undergoing a psychiatric evaluation?
Posted 13 April 2016, 1:46 p.m. Suggest removal
Publius says...
This man is psychotic - Christie, that is.
Posted 13 April 2016, 1:49 p.m. Suggest removal
SP says...
**............................... PM Christie's condition defined in a nutshell: ............................**
Severely mentally ill, insane, mad, certifiable, deranged, demented, of unsound mind, out of one's mind, not in one's right mind, not together, crazed, lunatic, unbalanced, unhinged, unstable, disturbed, distracted, stark mad, maniac, maniacal, manic, frenzied, raving, distraught, frantic, hysterical, delirious, mad as a hatter, mad as a March hare....It is what it is!
Posted 13 April 2016, 4:30 p.m. Suggest removal
Honestman says...
“Persons who you see as sworn enemies in public are the best of friends in private so I don’t think we should read so much into all of the public discourses.” says Christie.
Of course this is true. This weekend PGC, Gibson and Mitchell will be sitting down with Sarkis over a pot of tea and wondering what all the fuss was about. "It was just politics Sarkis old boy, nothing personal" will be their claim.
Posted 13 April 2016, 1:53 p.m. Suggest removal
DDK says...
Beyond amazing!
Posted 13 April 2016, 1:59 p.m. Suggest removal
SP says...
Jackass does as jackass is!
Posted 13 April 2016, 8:34 p.m. Suggest removal
Well_mudda_take_sic says...
You would think Izmirlian would have enough business sense not to try take a second bite out of the rotten apple known as Baha Mar. He just needs to stop and think for one moment what impact the garbage and other refuse from a fully operating Baha Mar would have on the level of toxic fume emissions from the public dump fires. The resulting enormous increase in deadly smoke would kill half of the residents of New Providence and many of the guests who would be so foolish as to stay at Baha Mar, which is down wind from the toxic smoke on many days when the dump flares up. Any buyer of the Baha Mar property would have a valid legal claim against the sellers and their representatives/agents involved in the sale to the extent required fair disclosures are not made in the selling material and contractual agreements of the existence, effects and implications for Baha Mar of this deadly hazard. I can only begin to imagine the legal claims that would be made against the owners/operators of Baha Mar by guests staying at the property who experience serious health issues from inhaling the toxic fumes.
Posted 13 April 2016, 2:12 p.m. Suggest removal
TalRussell says...
Comrades what a truly inspiring story about two men's enduring healing power of forgiveness, that could soon see the prime minister of a man's adopted nation, reuniting Izmirlian with his beloved Cable Beach 'dock.'
Please Tribune photographer, do takes picture two men's strolling in deep thoughts out toward
the mouth Atlantic Ocean as they reaches that long-ass 'dock's-end.
Posted 13 April 2016, 2:21 p.m. Suggest removal
Franklyn says...
Update - Re: CCA Bahamas trying to scam their way out of paying Bahamian contractors by saying (works completed at the Baha Mar Site failed to satisfy contractual agreements.) The scammers at CCA not only extorted payments from Bahamian contractor while on the site, but now they want tief monies owed to Bahamian contractors now over a year.
CCA has its reputation on the line, for sure; and it's proving itself to be a dishonest investor in the Bahamas ...is this a prelude to how Bahamian workers will be treated at their planned new hotel?
Posted 13 April 2016, 6:54 p.m. Suggest removal
proudloudandfnm says...
Seems like the PLP have not finished with you Izzie. Looks like they want to do you in some more.
Posted 14 April 2016, 11:16 a.m. Suggest removal
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