The Prime Minister and his negotiation team must have been “out of their minds” when they sealed the sale of the Cable Beach properties, outlined leader of The Bahamas Democratic Movement, Cassius Stuart on Thursday.
Mr Stuart took issue with the million dollar Heads of Agreement signed between Baha Mar and the government in April and indicated that over the past 10 years, politicians have sold the country like a “cheap rag” to multinational corporations.
An outspoken Mr Stuart alleged that it was quite obvious that the Cable Beach deal was a “desperate attempt by the PLP to salvage the little hope that the people have left in them.”
He opined that from all indications, Mr. Christie did not act in the best interest of the country when he negotiated with Baha Mar and also alleged that the negotiations were a clear maneuver by the Government to win votes in the upcoming general elections.
“How could anyone in their right mind sell the Radisson and its adjacent properties,” Mr Stuart asked.
“Hobby Horse Hall which sits on 50 acres of prime land, the Cecil Wallace complex, the Cable Beach Straw Market, the Radisson golf course, the Cable Beach Police Station proprieties, the Bahamas Development Bank complex, the Gaming Board Complex and our interest in both Nassau Beach and Wyndham Crystal Palace Resort for a miniscule $45 million,” he added.
The BDM leader claimed that in the initial deal, the government agreed to receive $45 million for the above mentioned properties, but outlined in the heads of agreement, that they would pay back $32 million dollars for Baha Mar marketing and advertising expenses.
Additionally, Mr Stuart claimed that the government agreed to give Baha Mar a further $200 million in special concessions with respect to casino fees and taxes and marketing contributions and exemption from stamp duty on construction material, equipment and vehicles. Furthermore, he said the government agreed to deduct from the casino fees and taxes $5 million from the amount of the annual license fees and give a further 50 percent discount if taxes exceed $20 million per year. He said in real terms, the government sold the entire Cable Beach Strip for “nothing.”
“Mr. Christie just gave the entire Cable Beach to Bar Mar for not a single penny. The PLP has handed over more than 100 acres of land including buildings to two foreigners for not even a dime. The initial $45 million does not even go to the Bahamian people; it goes to pay off the government loan with Scotia Bank on the Radisson Cable Beach Hotel and other current expenses held by the government related to the properties,” Mr Stuart alleged.
The BDM leader said the reason why the government gave such an incentive to foreign multi-nationals is beyond all logic. He highlighted that from 1992 to 2002 the FNM sold out the country to foreigners, and from 2002 to the present, the PLP was also “giving away” the country to foreigners.
“The first major decision this government made has turned out to be a disaster. The sad part about this whole deal is that the Christie government is proud about what they have done. All standard business negotiations should end up in a win-win situation for all parties; however, in this case, the only player that wins is Baha Mar,” the BDM leader stated.
Mr Stuart stressed that it was important for the government to negotiate the best possible deal with multi-national corporations, keeping the future of Bahamians in mind, rather than have investors feel that Bahamians were “desperate.”
“They use us and when they are finished with us they abandon us; as in the case with Royal Oasis and the foreign farmers in Abaco. The last two administrations amount to nothing but wrecking machines which sold us out to the highest bidder. The Bahamas used to be called a nation for sale, now we are a nation that has already been sold. The FNM was bad for our country and the PLP is worse,” Mr Stuart claimed.
The BDM leader said the future land use policy of The Bahamas, must be cease the sale of land for development to foreigners. He said it would be the BDM’s policy to simply lease land to investors in order to preserve the little land that is left.
“It is the belief of the BDM that our land must always remain in the hands of the Bahamian people. The undisputed realty of today is that the majority of our country is owned and controlled by foreigners. That must change and it must change today,” Mr Stuart concluded.
By: TAMARA McKENZIE, The Nassau Guardian
