Ingraham writes bank on Baha Mar

Mon, Jul 13th 2015, 12:33 AM

Former Prime Minister Hubert Ingraham has written Chairman of China State Construction Engineering Corporation (CSCEC) Yun Yi and Baha Mar CEO Sarkis Izmirlian expressing his hope that a resolution can be reached soon to the issues that have stalled the Baha Mar development at Cable Beach.

Ingraham wrote the letter last week Monday, exactly a week after Baha Mar filed for Chapter 11 bankruptcy protection, throwing the project into a tailspin and resulting in more than 2,000 Bahamian employees being sent home. He also copied the letter to the chairman of the China Export-Import Bank (CEXIM), the general manager of the bank's corporate banking department and the former chairman and president of the bank.

After referring to significant undertakings in The Bahamas by the Chinese, Ingraham said, "I write to express my hope that the tremendous goodwill that made these important business undertakings by CSCEC in The Bahamas possible, with the approval and support of the government of the People's Republic of China and CEXIM, will be preserved and aid in the timely resolution of all the disputes between CSCEC and Baha Mar so that this important project, which is now so near completion, can be finished and opened."

Ingraham wrote a separate letter to former Chairman and President of the EXIM Bank Li Ruogu, thanking him for a letter he (Li) wrote Ingraham on March 5 informing the former prime minister of his retirement from the bank. The letters were received through the Chinese Embassy.

The Nassau Guardian's revelation of Ingraham's correspondence comes as a government delegation, headed by Attorney General Allyson Maynard Gibson, is in China for talks with officials from the bank, the construction company and Baha Mar officials.
Those talks are geared at getting the project completed and open for business.

Last Tuesday, Baha Mar requested an adjournment of an application it made in the Supreme Court of The Bahamas for approval of several court orders it secured from a U.S. court to tap into emergency funding for the bank while providing Baha Mar protection from creditors.
Baha Mar asked for the adjournment after the government and its Chinese partners objected to the application.

The letters from the former prime minister provide a new dimension to the Baha Mar saga.

Ingraham was instrumental in saving Baha Mar's deal with the Chinese in 2010 when it was on the brink of collapse.
He traveled to Beijing to meet with officials there.

According to a statement released by the government on Saturday, Prime Minister Perry Christie is not in China for the talks this week.
The statement said, "The government was informed that representatives from China State Construction and EXIM Bank were not in a position to travel outside of China at this time.

"The prime minister remains eager to mediate as requested by the stakeholders. However, there will not be sufficient time in the immediate future to satisfy the People's Republic of China's protocol requirements for receiving heads of state. Given this information, the prime minister has decided that this meeting is too important to delay."

 

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