NASSAU, Bahamas
BMD Holdings Ltd., the original developer of the Baha Mar mega-resort, called for a moratorium on the yet-to-be-completed sale of Baha Mar to Chow Tai Fook Enterprises Ltd. BMD Holdings made its plea via an official statement to the Government of The Bahamas after it made its Heads of Terms (or sales) agreement public.
"In BMD's view, these documents confirm the nation's fears that the previous administration had engaged in the wholesale giveaway of hundreds of millions of dollars in tax waivers and concessions that the country could not afford and that rightfully should have been earmarked for The Bahamian people, solely to facilitate a charade of a sale in the lead up to the general election last May,” the company wrote in its statement. “The agreement also clearly raises the concern about the potential of corruption and self-dealing by members of the previous government, even beyond the now public self-dealing by the former attorney general."
BMD Holdings went on to urge the new government to:
- “Place a moratorium on the completion of any sale of Baha Mar and other transactions under these agreements so that it and the public can thoroughly assess the extent of the toxicity of these arrangements to our country and how the best interests of Bahamians can be met.”
- “Reopen the casino license investigation and report the findings of the Gaming Board given the extensive, disturbing public record about the potentially extensive criminal associations of Chow Tai Fook's owners—a record that appears to have been intentionally and conveniently ignored.”
BMD Holdings finished off its statement by reiterating its desire to purchase Baha Mar.
Baha Mar Resort celebrated the launch of the Grand Hyatt Baha Mar on April 21, which also signified the official launch of the Baha Mar development. Baha Mar's construction faced several setbacks and delays. SLS Baha Mar is expected to open in fall 2017 while the Rosewood Baha Mar has an anticipated spring 2018 launch.
In an interview with Tribune 242, Baha Mar President Graeme Davis said Chow Tai Fook Enterprises had the full support of the government to complete and operate Baha Mar. He did not acknowledge BMD Holdings.
