The Progressive Liberal Party’s “The National Institute, has earlier this week listed a multitudinous list of ‘accomplishments’ that have been achieved by their government over the past four and a half years.

Oddly missing from this list is Baha Mar, which I thought would have been high on the list due to the recent sale of the property.

“Baha Mar sold – Phase opening in April” – The Nassau Guardian 13^th December 2016

Excerpt from this article; “Prime Minister Perry Christie yesterday announced that Baha Mar has been sold to CTM Bank Holdings Limited, a subsidiary of Hong Kong conglomerate Chow Tai Fook Enterprises Limited (CTFE) and said the executive sale and purchase agreement represents a ‘significant achievement for the Bahamas, and a milestone in the troubled history of the Baha Mar resort.’

Christie said while a sale and purchase agreement has been executed, there still remains ‘outstanding conditions and negotiations between the bank (Export-Import bank of China – CEXIM), which financed the project) and the CTF for various ancillary agreements’.

Ousted Baha Mar developer Sarkis Izmirlian filed for Chapter 11 bankruptcy protection in Delaware in June 2014, but al related cases have since been dismissed.

Speaking to the chronology of events since March 2014, Christie said that he and his administration have worked day and night to see the project remobilized, completed and opened and the money owed to former employees, creditors and contractors settled.

He said these objectives were embedded in the heads of agreement signed by the government, the bank, Perfect Luck Limited and Perfect Luck Assets Limited in August.

The agreement has seen nearly 2,000 terminated employees paid and hundreds of creditors’ claims settled to date.

Christie revealed that CEXIM committed $101.5 million to the payout exercise, which was provided as exgratia settlements for former employees and creditors.

He said the claims committee overseeing the payout exercise, headed by former Minister of State of Finance James Smith, has concluded nearly 90 percent of the claims of unsecured creditors.

The government has said it hopes to conclude the payout process by the end of the year.

Christie acknowledged that the August agreement with CEIXM remains sealed by the Supreme Court, a move that caused great backlash.”

It is indeed odd that this great achievement was not on this list, could this be due to the great uncertainty that still surrounds the project and still has the ‘arrangement’ shrouded’ in secrecy? 

While the Prime Minister labels this as “a milestone in the troubled history of the Baha Mar resort”; does he go on to explain how the incompetence and ineptitude of his government created this crisis in the first place?  Maybe, it was all planned; who is to say but while he and is government list their accomplishments to date; will they acknowledge that unemployment is up as several resorts have laid off employees and is still on the rise; will they acknowledge that the national debt deficit are up despite the “successful “tax reform measures taken by his government, while the misery index also continues to rise

Will he acknowledge any of these failures?

The Progressive Liberal Party fails for one reason, it is their nature.

END