By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribuemedia.net

An ex-Baha Mar director said yesterday that while getting the stalled Baha Mar development going again is positive news, going “all in” with the Chinese would be a bad move long term.

Dionisio D’Aguilar told Tribune Business: “Long term I don’t think that’s healthy. You have a Chinese company controlling Cable Beach, a Chinese company controlling a big project on Bay Street and a large portion of your GDP being controlled not by an independent western styled company but by a foreign government that doesn’t operate in the same democratic norms that we do. For them to go all in with the Chinese and kick Sarkis Izmirlian to the road is a bad move long term.”

His comments came on the heels of a major announcement by Prime Minister Perry Christie Tuesday night that construction on the stalled $3.5 billion Baha Mar project which will be funded by the China Export Import Bank and is expected to resume next month.

“On the positive side, it is great that he has agreed to get the contractors paid by the Chinese. Clearly the question is, ‘what did we have to give?’ The Chinese are not just paying that $70 plus million dollars. I don’t know what they had to give up,” said Mr D’Aguilar.

“Another positive is that at least it is moving again. I don’t think it is the right contractor or developer. This was Sarkis Izmirlian’s dream. He started the project, he was passionate about it and knew where to go and now you have the bank as the developer and a contractor notorious for missing deadlines and shoddy work. I don’t think from that perspective they are the right people to run it. The Government has gone all in with the Chinese,” he added.

Mr Christie said Tuesday night that the Government will extend appropriate concessions to facilitate the construction and promote the successful future operation of the resort.

“The completed project will then be sold to a qualified world-class operator,” said Mr Christie, although no details were given on who the new operator could be.

 Mr D’Aguilar noted: “Mention was made of a world class operator and I’m almost certain it’s going to be a Chinese company. If you do the math, they have $2.5 billion in it now, they’re probably going to have another $500-$700 million completing the project. If they are expecting to be repaid in full then I can’t think of a company in the western world that would buy that company for that amount.”

Mr D’Aguilar also noted that remobilisation at Baha Mar will take some time, adding that the new operator to would need time to brand the hotel, market it, as well as hire and train staff for a reopening.