With ongoing worries in some circles over the recently announced Atlantis ownership change, the Progressive Liberal Party (PLP) yesterday renewed demands for the government to make public the details of the asset transfer agreement between Brookfield Asset Management and Kerzner International.
The PLP said the government "must immediately come clean to the Bahamian people in the public interest".
In late November, Kerzner International Chairman and CEO Sir Sol Kerzner announced that his company was transferring ownership of Atlantis Resort and the One&Only Ocean Club to Canadian real estate conglomerate Brookfield Asset Management, one of his company's lenders.
Sir Sol also said at the time that he received a commitment from the new owner that staffing and capital investment levels will be maintained.
But the PLP said yesterday that, "With the jobs of more than 7,000 Bahamian employees at stake and with uncertainty among the affected workers, this government's insensitivity and lack of transparency are proof positive that it does not put the well being of Bahamians first -- above their narrow political interests and above special interests."
The PLP called on the government to say whether there are any guarantees in the agreement to protect and preserve those jobs, wages and benefits and if so, what the terms, conditions and duration are of such guarantees.
"The PLP reminds the FNM about its much-touted principles of public life where transparency and accountability were prominently featured," the party's statement said.
"Many Bahamian families are relying on these jobs so it's incumbent upon the government to be seen to be fighting for the rights of and protecting the interests of Bahamians. Our people deserve no less."
Kerzner signed a four-year management contract for Atlantis, a move that ignited concerns among the business community on the long-term health of the biggest private employer in The Bahamas.
This week, Guardian Business noted that the deadline for the transfer of Kerzner International's assets in The Bahamas and Mexico has come and gone.
Brookfield agreed to exchange approximately $175 million of debt for the holdings, which include Atlantis Resort, The One&Only Ocean Club and the One&Only Palmilla in Mexico. The agreement ended months of speculation as Kerzner International sought to restructure $2.6 billion in mortgage debt.
Zhivargo Laing, the state minister of finance, told Guardian Business he was unsure of where the matter stood.
He said he had not been following the matter but expressed confidence that the deal was well in hand.
Ed Fields, the senior vice president of public affairs and retail services at Kerzner International (Bahamas), said the agreement is "moving along as planned".
"The delay is attributable to the time of year and the complexity of the transaction," he told Guardian Business.
Meanwhile, in Toronto, the senior vice president of communications at Brookfield Asset Management, Andrew Willis, insisted "there's nothing out of the ordinary with the process".
"We're working with all parties to close the transaction," he said.
When he spoke in the House of Assembly on the matter in November, Prime Minister Hubert Ingraham said he had received assurances that the 7,000 jobs Kerzner provides on Paradise Island were secure.

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