business@tribunemedia.net
TUESDAY, APRIL 9, 2024
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Residents voice objections to new PI resort proposal t $MBJN TFWFO TUPSFZ VOJU QMBO JT APWFSEFWFMPQNFOU t %FWFMPQFS UP AEP FWFSZUIJOH XF DBO UP TPMWF DPODFSOT t 'FBST SBJTFE PWFS RVBMJUZ PG MJGF FYUSB USBGmD T JNQBDU
By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net RESIDENTS last night argued that plans to transform the former Paradise Harbour Club site into a seven-storey hotel represent an “overdevelopment” that will impact quality of life and devalue their properties. Joshua Brooks, representative for HotelConsult Bahamas, pledged after the Town Planning Committee’s public hearing on the project that the developer will “do everything we can” to address the concerns of neighbours and
other Paradise Island residents as it seeks to forge a “partnership” approach to make the development a success. “We are glad the community came out this evening to learn more about the project and voice their concerns,” he said. “We look forward to continuing to be a constructive member of the Paradise Island community. “Residents can rest assured that we will do everything we can to resolve their concerns where possible, and hope to work in partnership with the community to make the project a success to the benefit of Paradise Island,
PARADISE YACHT CLUB RENDERING our existing and future Bahamian workforce and The Bahamas as a whole.” Neighbours voiced concerns over the extra traffic the development will generate in a residential area of Paradise Island. They also expressed opposition to the proposed rezoning of one of HotelConsult’s land parcels, lot
13, from residential to commercial to facilitate a 74-space parking facility. A resident of the Shangri-La Condominiums said the planned resort should not be given permission to convert the lot as its commercial use will devalue neighbouring properties.
Opposition backs GBPA owner Opposition challenging $133m change - but not Gov’t method fund ‘draw down’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
KWASI THOMPSON the first six months of the 2023-2024 fiscal year. Mr Thompson argued to this newspaper that this represents a likely breach of section 56 in the Public Finance Management Act, which the Davis administration brought to the House of Assembly in 2023. This stipulates in clause two that “the minister [of finance] shall, as part of the annual budget, disclose the particulars of government securities and loans to be redeemed from the sinking funds”.
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THE Government’s battle with the Grand Bahama Port Authority (GBPA) was yesterday branded “the most important fight in a generation since Independence” by the PLP’s chairman. Fred Mitchell, in his daily voice note, again accused Freeport’s quasi-governmental authority and its owners, the Hayward and St George families, of “abandoning” Grand Bahama International Airport post-Hurricane Dorian by dumping responsibility for its rebuilding and associated multi-million costs on the Government. This led several examples cited by Mr Mitchell
in a bid to show how the GBPA and its shareholders have failed to live up to their Hawksbill Creek Agreement obligations to maintain and develop Freeport, thus leaving the Davis administration with no choice but to issue its $357m payment demand in a bid to force their exit. The Fox Hill MP, who is also minister of foreign affairs, pronounced himself “astounded” by the GBPA’s statement hitting back “directly in the face of the Government” over the payment demand, describing it as “argumentative, combative and impolitic” and likely to lead to a complete breakdown of what remains of the relationship between the two parties. Suggesting that the late Sir Jack Hayward and Edward St George, the
Atlantis non-compliant on redundancy notice By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ATLANTIS doorman, who lost his claim for wrongful and unfair dismissal after alleging he was victimised, has been awarded an extra 30 days’ pay because the resort was a day late in complying with the law. Rionda Godet, the Industrial Tribunal’s vicepresident, while finding that Kevin Lightbourne
Suggesting that there were multiple “options” to achieve the new investment and ideas that Freeport desperately needs, he also argued that the GBPA’s 3,000-plus licensees should collectively gain an ownership interest. New investors, the east Grand Bahama MP added, could either replace or join the Hayward and
St George families, with the Opposition hinting it would take a more collaborative approach if elected. Speaking after the Government formally demanded that the GBPA pay $357m to reimburse it for the cost of providing public services in Freeport over and above tax revenues generated by the city between 2018 and 2022, Mr Thompson said the situation reminded him of the shareholder battle between the Haywards and St Georges that was fought more than a decade ago.
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Mitchell: GBPA ‘most important generational fight since 1973’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s finance spokesman yesterday challenged whether the Government may have violated public finance laws by drawing on $133m from its “sinking funds” to pay debts coming due. Kwasi Thompson, former minister of state for finance under the Minnis administration, told Tribune Business that the Government’s 2023-2024 fiscal second quarter and half-year report reveals a more than $190m ‘reversal’ of its “sinking fund” strategy as set out in last May’s Budget. That, as confirmed by this newspaper, showed the Davis administration planned to expand the total assets held in its four “sinking” funds by almost $60m during the 12 months to end-June 2024. Yet it has instead reduced, or drawn down on, these assets by $132.7m “for the servicing of debt obligations” during
THE Opposition yesterday urged the Government to “focus its energies” on moving Freeport’s $2bn investments from approval to jobs while agreeing the Grand Bahama Port Authority (GBA) needs new ownership.
Kwasi Thompson, the Free National Movement’s (FNM) finance spokesman, told Tribune Business the party backs fresh investors with the necessary vision and capital taking equity positions in Freeport’s quasi-governmental authority but does not support how the Government is trying to drive change.
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was made redundant for legitimate reasons also ruled that the Paradise Island property breached the Employment Act provision mandating that it give the minister of labour (then Keith Bell) two weeks’ notice when 20 or more workers are to be terminated. Her March 19, 2024, verdict disclosed that Mr Lightbourne was among 170 workers set to be
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ATLANTIS RESORT AND CASINO
current shareholders’ predecessors, would “never have engaged in such public high jinks”, Mr Mitchell warned that the very public row between the two sides over the payment demand - which will almost certainly have to be determined via arbitration - threatens to “irretrievably damage” the value of the GBPA and its Port Group Ltd affiliate. “The Grand Bahama Port Authority astounded
FRED MITCHELL me yesterday by issuing a statement directly in the face of the Government,” he blasted. “The statement was ill-advised, argumentative, combative, impolitic and injudicious.
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