FRIDAY, OCTOBER 28, 2016
business@tribunemedia.net
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Roberts ‘in over his head’ on Baha Mar By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A key Sarkis Izmirlian ally yesterday blasted PLP chairman, Bradley Roberts, as “in over his head”, adding that Baha Mar’s original developer is “happy to show he has the money” to reacquire the development. Dionisio D’Aguilar, a former Baha Mar director, told Tribune Business that Mr Izmirlian’s repeated efforts to engage the China-Export Import Bank represented a “genuine attempt” to successfully complete Baha Mar, rather than “sour grapes”. Speaking ahead of his ratification as the FNM’s candidate for Montagu last night, Mr D’Aguilar urged the Christie administration to “get over” its annoyance at Mr Izmirlian’s failure to give prior warning of his Chapter 11 strategy. Arguing that the Government did not understand the Chapter 11 process and benefits, Mr D’Aguilar said See pg b5
Sarkis $1bn in, and ‘happy to show the money’ Offers ‘genuine’, but no one to negotiate with D’Aguilar tells Govt: ‘Get over’ Chapter 11 snub
The Bahamas’ 121st spot in the World Bank’s ‘ease of doing business’ rankings is “not a good marketing tool” to attract foreign investment, the Opposition’s deputy leader yesterday fearing it will “confirm negative perceptions” of this nation. K P Turnquest told Tribune Business: “I think that as a country that depends, to some extent, on foreign direct investment, this is clearly not a good marketing tool for us.
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Baha Mar ‘purchaser’ leaves Sarkis in cold By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Likely buyer is conglomerate with strong Beijing tie
China’s ‘freezing out’ of Sarkis Izmirlian was confirmed last night, after Baha Mar’s prospective purchaser was identified as a multi-billion dollar Hong Kong conglomerate with extremely close ties to the Beijing government. Chow Tai Fook Enterprises (CFTE), the conglomerate formed by the late billionaire, Cheng Yu Tung, and now controlled by his family, confirmed in a statement the long-held
CTFE release speaks as if it’s a ‘done deal’ Release timing, headline aim to relieve Govt pressure expectation that Baha Mar would be sold to a Chinese purchaser. The group, which has in-
terests in the property development, hotel, casino, transportation, jewellery, port and telecommunications industries, said it had “entered into negotiations” to acquire Baha Mar. It added that had submitted the necessary permit and approval applications to the Bahamian Government for the acquisition of Perfect Luck Holdings, the special purpose vehicle (SPV) established by China Export-Import Bank, Baha Mar’s secured creditor. The Rosewood hotel brand, which had with-
drawn from the Baha Mar project, but is owned by Chow Tai Fook Enterprises, is now in line to return to the Cable Beach project, the statement confirmed. “Chow Tai Fook Enterprises intends to re-engage its subsidiary, Rosewood Hotel Group, as a luxury hotel operator at Baha Mar,” it said. It added that the Hong Kong-based conglomerate was also in talks with the two other resort brands, Hyatt and SLS Hotels, in a bid to ensure they remain See pg b5
Sales agents lose BTC ‘contract breach’ claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PLP Chairman Bradley Roberts
Business ease decline ‘not good marketing’ to foreign investors By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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‘Not forced’ to sign deal giving up 45% of accounts
“Veteran” sales agents have lost their ‘breach of contract’ appeal against the Bahamas Telecommunications Company (BTC), the Court of Appeal finding they effectively consented to giving up 45 per cent of their revenue earnings.
Reallocation made due to new hires’ complaints Sales agents ‘doubled’ soon after general election
Appeal Justice Jon Isaacs, delivering a unanimous Appeal Court verdict, found that existing BTC’s phone directory sales agents were not coerced into signing the 2003 contracts that stipulated they would retain just 55 per cent of their advertising accounts. And, given that a memo from Claude Hanna, BTC’s senior manager for directory publications, had in-
formed them of the new revenue/account split prior to the contract signing, Appeal Justice Isaacs found the ‘breach of contract’ claim “unsustainable”. He and his fellow Court of Appeal judges, Dame Anita Allen and Stella Maureen Crane-Scott, backed the initial Supreme Court verdict, in which then-justice Claire Hepburn said of the agents: See pg b4
FNM deputy fears it will ‘confirm negative views’ Says Govt an ‘abysmal failure’ for private sector “It gives the impression, and perhaps confirms the view held by some, that this country is not progressive, and the ease of doing business is not what one would expect in a modern society. See pg b5
Summit’s peak rating a timely confidence boost By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Summit Insurance Company’s president yesterday said its ‘A grade’ rating from A. M. Best had provided a timely confidence boost for clients in Hurricane Matthew’s wake. With just over 1,100 claims received to-date, Tim Ingraham said the A- (Excellent) financial strength rating would give property and casualty customers extra comfort that it could withstand the Category Three/Four storm’s claims. “This will give our customers that little bit extra confidence in the company,” he told Tribune Business. “I think the rating speaks
Gives clients extra comfort postMatthew Receives over 1,100 claims to-date to our financial strength having gone through a major hurricane. A. M. Best took a preliminary look at those numbers, looked at the reinsurance programmes, and felt secure in the balance sheet.” A. M. Best initially examined Summit prior to Matthew, with this rating the first time it has ever provided one for the general insurance underwriter. Mr Ingraham said See pg b7
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