Monday, May 19, 2025
By FAY SIMMONS
Tribune Business Reporter
jsimmons@tribunemedia.net
Opposition leader Michael Pintard yesterday advised the FNM has pressed the Davis administration to provide more details of the agreement behind the sale of the Grand Lucayan resort and its surrounding property for $120m to Ancient Waters Bahamas Limited, a Bahamian subsidiary of US-based Concord Wilshire Capital (CWC).
In a statement yesterday, Mr Pintard said while the FNM “welcomes any credible progress” towards Grand Bahama’s economic recovery the details of the arrangement should be transparent.
“The Free National Movement welcomes any credible progress toward the redevelopment of the Grand Lucayan and the economic revitalisation of Grand Bahama. We recognise that this represents movement on the long-standing effort to revitalise Grand Bahama’s economy, an objective we all share,” said Mr Pintard.
“The Free National Movement has long supported responsible investment that delivers tangible benefits to the Bahamian people, creating meaningful opportunities, strengthening local businesses, and contributing to sustainable national growth. We believe the successful redevelopment of the Grand Lucayan has the potential to do just that. Where such development is pursued transparently and in the public interest, we stand ready to collaborate in moving it forward.”
He said the Opposition has requested briefings on the agreement’s details, timeline and anticipated impact to ensure the public is informed of the specifics surrounding the sale of a “major public asset”.
“In that spirit, we have formally written to both the Prime Minister and the developer, Ancient Waters Bahamas Ltd, to request briefings on the agreement’s details, timeline, and anticipated impact,” said Mr Pintard.
“While the public has been made aware of broad project ambitions, there remain important aspects of the transaction that have yet to be clarified. We believe the Bahamian people have a right to be informed on the specifics of a development of this magnitude, particularly as it concerns the sale of a major public asset and the future of a critical economic centre.”
Mr Pintard said the Opposition is “encouraged” by the interest foreign investors have shown in Grand Bahama but noted that all developments should provide opportunities for Bahamians as partners and stakeholders.
“We are encouraged by the interest being shown in Grand Bahama, and we welcome the opportunity to engage constructively with both government and private sector stakeholders as the project advances,” said Mr Pintard.
“Our objective is to ensure that transparency, accountability, and public benefit remain central throughout the development process. The people of Grand Bahama have waited for far too long for real progress.
“We must now move beyond symbolic gestures toward tangible delivery. Our vision is for a Grand Bahama that thrives, anchored by a modernised airport, a diversified economy built on tourism, innovation, and maritime opportunity, and a development model that includes Bahamians not just as employees, but as partners and stakeholders. At this critical juncture, we must work together to ensure that what is promised is delivered and that all Bahamians share in the benefits.”
Comments
bogart says...
Bey, all a sudden this transparency come up. Well mudda tek sic!
The transparency needs to go to the beginning of the sale of the hotel which the FNM government bought for $65 million dollars. Soon after the happiness of the taxpaying population began to fade on the added costs of a bad deal, the population became aware of the seller did not pay the expected Stamp Taxes in the sale which was not informed upfront by the FNM government as prerequisite of the sale price to the final price. the smaller sale price is more appealing but the govt had to pay all the stamp taxes.
Then there is an financing arrangement with the seller to give financing and with interest applied. Next it came out that the seller did not do the legal expectations of paying off the contractual arrangements of the workers as the legal company changed hands and the govt was responsible for paying off those workers who wasted their monies. Next the population later discovered that the sellers came and wanted to collect the golf carts and computers as it seems there was some doubts in the sales contract on whether the golf carts and some items were removable.etcetcetcetcetc
Frankly, transparency of the ongoing movement of the intended sale under the FNM prior and now continuing under the present government needs to begin with the SAME HOTEL beginning with the FNM and all the egregious financial willfully and cleverly hidden $65 million dollar Sale that hugely ballooned to over $100 million dollars at the taxpayers expense.
Investigations and transparency needed into the hotel transactions beginning with the FNM initial sale with $65 million dollars of the taxpayers money.
Posted 19 May 2025, 2:55 p.m. Suggest removal
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