Bahamas PM announces deal to restart Baha Mar construction
Monday, 26 May, 2016
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The future of the troubled Baha Mar resort development could soon become a little clearer.
Bahamas Perry Christie announced a ‘framework agreement’ with the Export Import Bank of China (EXIM) and China State Construction Engineering Corporation to fund and complete the development ‘as expeditiously as possible.’
"Following two days of successful meetings between representatives of the government of the Bahamas, the Export Import Bank of China and China State Construction Engineering Corporation, we are pleased to confirm that EXIM and CSCEC, the lender for Baha Mar and parent company of the resort’s general contractor respectively, have entered into a framework agreement which provides a pathway forward for the completion of the Baha Mar resort," a joint statement by the EXIM Bank and CSCEC said.
Talks are ongoing with the legally appointed receivers to agree a start date for resuming construction and a timeline for final completion.
There is no place at the table for Baha Mar’s original developer Sarkis Izmirlan.
Izmirlian has been in dispute with China State Construction over missed deadlines, funding disagreements and building standards.
Izmirlian’s Baha Mar Holdings responded with their own statement criticizing the deal: "Despite the now very public record, as well as facts revealed through the US Chapter 11 court process, the bank chose not to turn to highly-respected and proven Bahamian construction companies, that are perfectly capable of performing at the highest level."
"There is nothing in CCA’s past performance at Baha Mar that should lend confidence that they can complete Baha Mar on any schedule they provide and refrain from re-engaging in deceitful business practices, including overbilling and substituting inferior materials and systems to the detriment of the potential of this resort."
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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