By KEILE CAMPBELL
Tribune Staff Reporter
DEPUTY Prime Minister Chester Cooper dismissed concerns that the $1.6 billion ruling favouring Sarkis Izmirlian, the original developer of Baha Mar, against China Construction America (CCA) would affect the Bahamas’ investment climate or economic stability.
He called the legal dispute a “sideshow” between two private parties, assuring the public that the country’s reputation as an investor-friendly destination remains intact.
“This will run its course in the courts, as we see, there has already been some appeals,” Mr Cooper said.
He added: “I won’t delve into those matters except to say that The Bahamas has a long-standing track record of being an investor-friendly environment.”
The Deputy Prime Minister highlighted the nation’s success in attracting foreign investment, saying that over $10 billion had been secured in the past two and a half years.
“We expect foreign direct investments to continue at an all-time high,” Mr Cooper said.
Last week, New York State Supreme Court Judge Andrew Borrok ruled in favour of Mr Izmirlian, finding that CCA had acted in bad faith by misleading him about the completion timeline for the Baha Mar project, leading to its 2015 bankruptcy.
Judge Borrok labelled the construction delays and mismanagement as “an absolute sham and shakedown” that triggered the financial collapse.
Mr Cooper remained adamant that the ruling would not impede Baha Mar’s ongoing operations, which are now under different ownership.
“I don’t anticipate that this matter will have any impact on the operations of Baha Mar,” he said. “It’s expected to be business as usual.”
Mr Cooper also addressed concerns from the opposition, who have suggested that the government has not been accountable in managing the Baha Mar situation.
He rejected these claims outright, saying: “I’m not sure what the leader of the opposition is talking about. Our government has been extremely accountable to the Bahamian people. We have reported consistently on all matters.”
“The prime minister has regular press updates. Ministers of the government speak to the press regularly and consistently.”
He said that there had been a lag in tourist arrivals due to recent US hurricanes and upcoming elections, but projected a strong recovery in November and December.
He said the ruling should not distract from The Bahamas’ broader economic goals.
“We’re going to continue to work with the Bahamian people,” he said.
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Publish date : 2024-10-24 06:27:00
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