The Government of The Bahamas announced today that 4 party talks, held from 26 to 28 July, between Baha Mar Ltd (“the Developer”) (led by Mr. Greg Djerejian – BML Vice President Asia-Pacific); the China State Construction Engineering Corporation (“the Contractor”) (led by Mr. Chen Guocai – Vice President); the China Export Import Bank (“EXIM”) (led by Mr. Liu Liange - President) and the Bahamas Government (led by Hon. Allyson Maynard Gibson QC – Attorney- General) resulted in considerable progress on the commercial terms of an agreement between Baha Mar and China Construction. The remaining major point of difference between the parties is Baha Mar’s refusal to provide their part of a guarantee required by EXIM to secure a commitment of additional lending to enable completion of the Project. Representatives of the parties included numerous professional and expert advisers. The negotiations were frank and cordial, conducted on an impartial manner presided over by the Honourable Allyson Maynard Gibson QC, representing the Prime Minister of The Bahamas.

EXIM and the Government of The Bahamas were Observers at bilateral talks held from 20 – 24 July between the Developer and the Contractor. EXIM also chaired a meeting between the Developer and Contractor on 24 July 2015, at which the Government of The Bahamas was an Observer.

The 4 party talks were convened in an attempt to resolve issues arising from the Developer’s inability to complete Baha Mar due to construction cost overruns and other serious financial matters

Baha Mar did not attend day one of the talks. Mr. Sarkis Izmirlian, Baha Mar’s principal, did not attend the 4 party talks at all.

On several occasions during the talks the Attorney General restated that the Governments sole objective is that as soon as possible the Project should be remobilized with a view to completion of the Project and the opening of the resort in the shortest possible time. The Government prefers agreement between the parties which is why the Prime Minister asked the delegation to return to Beijing for a second attempt at a negotiated settlement in the context of 4 party talks. Useful bilateral discussions were held between the parties on the way forward for completion of project as soon as possible.

During the 4 party talks the parties arrived at several proposed compromises. While urging the parties to arrive at an agreement during the talks, EXIM pointed out that the contract documents between the parties stipulates that cost overruns should be borne by the Developer and that the Contractor should finish the Project. The contract documents were drafted in this manner so that the Project would be completed and the parties would then be free to pursue remedies against each other in the courts. As EXIM indicated, Baha Mar has decided not to complete the Project in accordance with the contract documents.

The new financing proposed for Baha Mar would include $200 million in new lending by EXIM, over and above the amount still available under its existing credit facility. EXIM has insisted that its new $200 million credit extension be guaranteed by the Contractor and/or the Developer. The Developer has proposed to provide a standby letter of credit to back $25 million of the new $200 million credit extension. The Contractor has offered to guarantee the remaining $175 million on the condition that it receives a corresponding guarantee by the Developer. In the most recent discussions the Contractor has agreed that the amount of the guarantee could be limited to $100 million. The Developer has declined to provide any guarantee (apart from the $25 million letter of credit) and has proposed as an alternative that the Government provide EXIM with a “sovereign guarantee” of up to $175 million in place of any guarantee by the Contractor.

The talks ended with the parties agreeing to continue discussions among themselves. It was understood, however, that in the meantime the parties might continue to pursue other legal options.

The Bahamas delegation is on its way to The Bahamas where it will brief the Prime Minister and Cabinet at the earliest opportunity.

The Attorney General thanked representatives of the Chinese Government, EXIM, the Contractor, the Developer and The Bahamas delegation for their valuable assistance in facilitating the talks. The Attorney General also thanked the Prime Minister for the time and attention he gave to this exercise by being continuously available day and night for consultations and guidance.

NASSAU, Bahamas -- As The College of The Bahamas (COB) transitions into university status, the institution will benefit from a half-million-dollar endowment fund thanks to the generosity of Commonwealth Brewery's Endowed Educational Fund and Scholarship Award Programme. Along with a year-round internship, the scholarship provides a study abroad experience, and a guaranteed two-year entrance level employment opportunity.
COB's President Dr. Rodney Smith said scholarships, such as this one, are a "critical" part of higher education and impact not only the education of the recipient, but also their lives and their families.
He said the "generous" and "significant" donation strategically complements and supports other vital steps on the College's journey to university.
Julian Francis, chairman of Commonwealth Brewery described the endowment fund as a show of commitment to the building of The Bahamas. "We recognize that for our country to grow, we must grow as a people and as a nation. And what better way to make a national contribution than through the country's premier tertiary institution."
Hans Neven, managing director of Commonwealth Brewery, said the fund is important proof of the company's long-term commitment to the socio-economic and educational development of The Bahamas.

NASSAU, Bahamas -- A partnership between the Sandals Foundation and Dairy Queen Limited has been using education as the driving force to empower young, Bahamian teenaged mothers involved in the Providing Access to Continued Education (P.A.C.E) Program. The campaign has raised a total of US$6,500 which will contribute towards building a new P.A.C.E multipurpose center.
The well-known Dairy Queen ice-cream and cake brand used its four locations in the Bahamas to participate in the charity event. Over the period of three months, Dairy Queen gave $3.00 for every cake sold to the P.A.C.E Program.
"Partnerships continue to be one of the cornerstones of what we do and this has been a very successful one," says Heidi Clarke, Director of Programs at the Sandals Foundation. "We are very thankful for the incredible support received from DQ, their team has been wonderful and the proceeds raised from this campaign will go a long way towards brightening the future for our youth."
The Sandals Foundation, a non-profit organization which launched in March 2009 teamed up with Dairy Queen Limited in an attempt to provide a bright future to the young girls affected by teenage pregnancy. With 'Making A Difference' the primary goal, the Sandals Foundation makes it a priority to serve the Caribbean community by implementing programs that will improve the quality of people's lives, thus, securing the future of the Caribbean region.

Sandals’ luxury included offer has gotten a lot more luxurious with the addition of two Rolls Royce Ghosts to the resorts’ fleet of vehicles.

Guests who reserve the Butler Category at Sandals Royal Bahamian are met at Lynden Pindling International Airport by one of the two Ghosts in the fleet. The driver then whisks the guests over to the resort where they are met by their butler and escorted to a private check-in area.

“Upon arrival, we stopped at the Sandals desk to request our pick up and after a short five minute wait, we were escorted to our car….a beautiful white Rolls Royce,” said a couple who posted about their vacation on TripAdvisor. “The driver was pleasant.”

The Resort’s fleet has changed a lot in the past two years. Its Mercedes Benz vehicles have been upgraded to two S550 Mercedes, and one Lincoln Navigator sits ready for the luxury-SUV lovers. Two Rolls Royce Seraphs were retired in favour of the hyper-opulent Ghosts.

Of course, all of this luxury is included in the Sandals stay. And when guests are reluctantly ready to depart, their Rolls Royce, driver and butler are at the Porte Cochere waiting to bid them farewell.

“We did meet (Sandals’ driver) Marky Mark on our last day,” said another TripAdvisor poster. “He is the best. He drove us to the airport in the new, white Rolls Royce. What a great way to end our trip.”

Sandals Royal Bahamian is continually upgrading its physical structure and services. The resort now has newly renovated rooms, a new swim-up lagoon pool and updated area furniture. The resort has more small and large projects and upgrades in the pipeline.

Sandals Royal Bahamian’s vehicle upgrade was kept right on par with the rest of the resort. And to make room for possibly more upgrades of its fleet, the resort is selling its two beautiful 2000 Rolls Royce Seraphs and 2003 Executive Town Cars.