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Thursday, June 18, 2026
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$360m project terminates staff, splits with contractor BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE developer behind a $360m Eleuthera resort project last night asserted it remains “fully committed” despite recently terminating multiple staff amid a break-up with its main contractor that has stalled critical construction work. Cotton Bay Holdings, which is developing a Ritz-Carlton Reserve resort touted as creating 250 to 300 full-time posts when completed, as well as some 450 construction jobs, confirmed in response to Tribune Business inquires that it is “currently managing a transition” to a new general contractor following the departure of Greython Construction in a move that has halted all work on the hotel component. The developer, which is headed by Colombian billionaire, Dr Luis Carlos Sarmiento, and his family declined to comment directly on lay-offs which well-placed sources, speaking on condition of anonymity, said occurred in mid-May just
Ritz-Carlton Reserve developer ‘fully committed’ despite stall
AUTO dealers yesterday revealed they have been blindsided by legal reforms that threaten to create “more and more bureaucracy” by changing how vehicle imports are cleared when they arrive in The Bahamas. Fred Albury, principal for the Auto Mall, which
Cotton Bay Holdings operating with a small two-strong skeleton team in Nassau. The developer’s Eleuthera office has largely been emptied, contacts have confirmed. One source described the split between Cotton Bay Holdings and Greython as “the perfect storm”, arguing that it stemmed from mistakes on both sides. Revealing
that the two broke-up in the 2026 first quarter, they added: “Everything is on stop. The only thing they are doing is that Emile Knowles, the contractor, is out there doing some roadworks but the hotel is on hold.” Cotton Bay Holdings, in its statement to Tribune
unaware of this requirement, until this newspaper brought it to their attention, he said more clarity is needed on the proposed process and how it will work and be executed in practice. In particular, Mr Albury queried whether legitimate new and used car dealers, who often import in bulk, will be treated differently from individuals who are typically bringing in just one to two autos at a time. And he also raised the issue of how autos placed in bonded storage, before being transferred to dealerships, will be treated. The Auto Mall chief explained that, under the present system, with new vehicle imports he typically
presents their overseas title certificate or certificate or origin to Bahamas Customs. Once the due VAT and import duties are paid, dealers are issued with a “duty paid receipt’ by Customs and the auto is released to be taken to the Road Traffic Department for inspection and completion of the licensing/registration process. However, under the Road Traffic (Amendment) Bill 2026 that was tabled in Parliament alongside the 2026-2027 Budget, a new section 30A will be created in law to mandate that importers of motor vehicles into The Bahamas must obtain a certificate of
EMERA’S top executive says Grand Bahama Power Company’s sale has enabled it to “further de-risk” its business with a former Chamber of Commerce president warning “there are a lot of open-ended questions” on the utility’s and island’s energy future. Scott Balfour, the Canadian utility giant’s president and chief executive, in a recent 2026 first quarter results conference call with financial analysts signalled its Grand Bahama exit will enable Emera to better focus on core energy operations at home and in Florida. And GB Power’s sale to the Government will also reduce the risks associated with operating in a small market that has suffered limited economic growth, and which remains vulnerable to devastation from major hurricanes. Mr Balfour and his fellow executives declined to reveal the purchase price paid by the Davis administration (Bahamian taxpayers), although the Government has raised a $200m syndicated bank loan to finance the deal, but they said the GB Power sales proceeds will be used to pay down Emera’s existing debt.
CHANGE - See Page B6
GENERATE - See Page B7
after the general election. It described “personnel adjustments” as “internal decisions” for Cotton Bay Holdings but did not deny that redundancies have occurred. However, this newspaper can reveal that numerous Colombian workers, as well as four out of a total six Bahamian staff, have been terminated to leave
holds the Toyota, Hyundai and BMW dealerships, told Tribune Business that much depends on implementation of the requirement that a title certificate - confirming ownership - must be obtained and paid for before any vehicle imported into The Bahamas is released by Bahamas Customs. Confirming that himself and other dealers were
DAVID MORLEY
CARLA SWEETING
Opposition blasts Gov’ts ‘tardy’ extra $250m move BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s finance spokesman yesterday blasted the Government’s “tardy” last-minute bid to obtain Parliamentary approval for an extra $250m spending in the current 2025-2026 Budget year. Kwasi Thompson, the east Grand Bahama MP, slammed the Davis administration for tabling the enabling legislation on the last day of the 2026-2027
Ex-Chamber chief: ‘Lot of unanswered questions’ on deal
Photo:Sophia Taylor
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
LEVY - See Page B10
Emera chief: GB Power’s disposal ‘derisks’ portfolio
Groundbreaking ceremony for the Ritz-Carlton Reserve at Cotton Bay.
Realtors warn Bahamians face higher tax rate than foreigners
REALTORS yesterday confirmed they have recommended the Government correct “inconsistencies” with its real property tax reforms that could result in Bahamians being taxed at a higher rate than their foreign owner counterparts. David Morley, Morley Realty's broker/owner, told Tribune Business via e-mail that the Government’s 2026-2027 Budget plan to create a new “foreign owner-occupied” property tax category would impose a “flat rate” 0.625 percent levy on those who qualify with no exemption. This rate does not change according to valuation.
GRAND BAHAMA POWER COMPANY
Lets Canadian energy giant focus on core operations
Auto dealers blindsided by title certificate reform BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Seeking replacement Chamber chief: for Greython over Cotton Bay critical hotel’s construction to ‘Eleuthera’s evolution’
Budget debate in the House of Assembly. He argued that this was designed to avoid Opposition and public scrutiny of “extravagant spending” by the Government in the run-up to the May 12 general election. “The Opposition decries in the strongest terms the Government's tardy submission just today of supplementary budget requests that total close to $250m in additional spending,” he added.
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CONSTRUCT - See Page B11
‘Rate decrease but also reliability issue last thing we need’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net