Baha Mar Resolution Debate On Hold
Due to Baha Mar’s outstanding loan with the Bank of Nova Scotia the government of the Bahamas has put a hold on the resolution debate regarding the work permits for the $2.6 billion Cable Beach project.
The Bank of Nova Scotia and Baha Mar representatives have been in continuing discussions over the outstanding loan of an estimated $160 million. Prime Minister Ingraham has decided to postpone the debate in Parliament over the controversial approval for 8,000 work permits until the loan issue is resolved as the project will not proceed with the outstanding debt.
Baha Mar has been seeking to have 8,000 Chinese workers brought in to complete the development – a request that has caused controversy and upheaval within the Bahamas. The government had intended to bring the matter before Parliament for a resolution debate but if the loan issue is not resolved the work permits become a moot point.Baha Mar, financial, government