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Monday, April 13, 2026
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PPP deal ‘Balkanisation’ fear on Gov’t bust-up on $25m Grand Lucayan plans financing default BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Lucayan’s former chairman yesterday voiced fears over the resort’s “gradual Balkanisation” and whether it will become another “all-inclusive” destination where thousands of cruise passengers have little to no interaction with Bahamian-owned businesses and tourism vendors. Michael Scott KC, who under the Minnis administration headed the Lucayan Renewal Holdings special purpose vehicle (SPV) that held the property, told Tribune Business that while he welcomed Mediterranean Shipping Company’s (MSC) involvement in its revival there were genuine concerns - in the absence of more details - over whether the reliance on cruise tourism could “replicate the decline of Bay Street” in Freeport. Describing the Grand Lucayan as “held in trust” for the Bahamian people by the Government, he challenged whether the proposal by Concord
Ex-resort chair says dividing resort could ‘fragment value’ Voices concerns over ‘replicating Bay Street’ in Freeport MSC GRAND LUCAYAN REDEVELOPMENT Wilshire, the Miami-headquartered developer, to divide the property into different development zones represents “fragmentation” of the resort and its true worth or a “coherent redevelopment strategy” where all parts will work together to deliver increased value. In particular, Mr Scott called for Bahamians to be provided with the full terms of the deal between Concord Wilshire and CTL Maritime, the MSC subsidiary involved in the Beach Club deal unveiled last Thursday, plus information on whether “a
DIONISIO D’AGUILAR comprehensive master development plan” for the Grand Lucayan exists, who will govern and ultimately control the project, and how the various components are to be integrated and work together.
Demand all politicians ‘commit’ to early Planning Institute pass BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS must demand that all political parties and election candidates “commit” to passing the National Development Planning Institute Bill 2026 through Parliament and into law before MPs break for the summer, the initiative’s vice-chairman is urging. Gowon Bowe, also Fidelity Bank (Bahamas) chief executive, told Tribune Business that all Bahamians should insist on this “if we are serious about national progress” as it means development targets will be enshrined
GOWON BOWE in statute law - and their attainment measured and benchmarked - rather than relying on political party campaign and manifesto pledges that can equally be “fact or fiction”.
ELECTION - See Page B7
Sebas pledges affordable housing investment fund BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROGRESSIVE Liberal Party (PLP) election candidate has disclosed that the party plans to create an investment fund that will allow Bahamians to generate “higher returns” from investing in affordable housing developments if returned to office. Sebas Bastian, the Island Luck co-founder and now PLP candidate for Fort Charlotte in the upcoming general election, teased the creation of what he called the Affordable Housing
Investment Fund to “give Bahamians an opportunity to earn” a return by pooling capital to invest in housing developments throughout The Bahamas. He provided no detail on how the fund would be structured, the level of independence or autonomy it would have from the Government, and if it would have a separate, private sector-led Board of Directors, investment manager and fund administrator, but signalled it would form part of what he lauded as a re-elected Davis
FINANCE - See Page B9
Ex-minister: ‘Kind of ironic’ deal models Royal Caribbean Concord Wilshire last week unveiled a masterplan showing that the Grand Lucayan is being divided into four different development zones, with a mega yacht marina now included. One of those zones, known as ‘site two’, is reserved for the MSC Beach Club, while another - ‘site three’ - has been allocated for the second “cruise resort” under the strategy created by Concord Wilshire’s
DEVELOP - See Page B7
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has failed to extract itself from a furious legal battle sparked by accusations that its failure to make due rental payments on the Eight Mile Rock administrative complex has caused one of its first-ever public-private partnership (PPP) deals to default on a $25m bond. The bust-up has emerged due to Leno Corporate Services, the Bahamian financial services provider that structured and issued the bond, launching Supreme Court legal action against both PPP Investments & Construction Company, the private sector partner that built the Grand Bahama property, and the Ministry of Finance following the former’s failure to meet its repayment obligations. PPP Investments & Construction Company, which has “admitted to the majority” of Leno’s accusations and is only disputing the amount owed, has now joined the financial services
Ministry of Finance accused of not paying rent provider in blaming the bond default on “the Ministry of Finance’s failure to pay” it the rent due on the administrative complex named after the late Cabinet minister and MP, Obie Wilchcombe. The deal was signed-off by the last Christie administration just one day before the May 10, 2017, general election. The financial mess is detailed in an April 10, 2026, Supreme Court ruling by Adrienne Bellot, its acting assistant registrar, who rejected the arguments by the Government for the Ministry of Finance and Attorney General’s Office to be removed as defendants to Leno’s action. She ruled that the financial services provider’s claim must move forward to be heard by a judge.
DISPUTE - See Page B8