Sarkis Izmirlian, CEO of original Baha Mar developer BMD Holdings Ltd, has launched a scathing attack and called for a moratorium on the Heads of Terms agreed between the former Bahamas government and stakeholders China EXIM Bank and China State Construction regarding the property’s sale to Chow Tai Fook late last year.
Izmirlian, who was essentially kicked off the project after Baha Mar declared bankruptcy in 2015 despite being 97% complete – losing billions in the process – released a statement overnight in which he accused the former Christie administration of engaging “in the wholesale giveaway of hundreds of millions of dollars in tax waivers and concessions that the country could not afford and that rightfully should have been earmarked for The Bahamian people, solely to facilitate a charade of a sale in the lead up to the general election last May.”
The Bahamas voted in a new government last month, headed by Hubert Minnis, who wasted no time in making the Heads of Terms public. In response, Izmirlian has called for the Minnis administration to, “Place a moratorium on the completion of any sale of Baha Mar and other transactions under these agreements so that it and the public can thoroughly assess the extent of the toxicity of these arrangements to our country and how the best interests of Bahamians can be met.
He has also called for the government to, “Reopen the casino license investigation and report the findings of the Gaming Board given the extensive, disturbing public record about the potentially extensive criminal associations of Chow Tai Fook’s owners – a record that appears to have been intentionally and conveniently ignored under the previous administration.”
“The giveaways laid out in the Heads of Terms by the Christie administration to China EXIM Bank and Chow Tai Fook are egregious and an insult to the Bahamian people,” he said. “What else did the former administration do in its desperation to get any kind of a deal to announce related to the sale of Baha Mar to try to win reelection and feather the economic nest of its members? The Heads of Terms is only one document of many about the former government’s secret dealings on Baha Mar and the only document made public thus far.
“It is a bread crumb trail to many other referenced documents that must be vetted to determine the extent of the improper giveaways; the individual benefits to have been received by former PLP administration officials in return; and the longer term economic and social destruction implications to The Bahamas of the so-called sale of Baha Mar.”
Izmirlian noted that the Heads of Terms “expressly prohibits” any payments to companies associated with him in any way or to former expatriate executives of Baha Mar.
“This is state-sponsored discrimination, contrary to the laws and constitution of The Bahamas, and sets an awful precedent for foreign investment in The Bahamas,” the statement said. “Accordingly, BMD is considering its legal options against the parties involved in constructing these highly questionable agreements.
“There is no question that Baha Mar should be completed successfully and fully opened as soon as possible. But that Baha Mar should be, as originally conceived, a key economic sparkplug for The Bahamas. The Bahamian public should be convinced and be confident that the owner of Baha Mar is there for The Bahamas, committed to creating jobs for all Bahamians and enhancing the Bahamian way of life.
“BMD reiterates that it is fully prepared to purchase Baha Mar, and it is committed to completing and operating Baha Mar with a full Bahamian workforce and organization.”
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