In the midst of litigation over the ownership and control of the Grand Bahama Port Authority, the president of the Grand Bahama Chamber of Commerce says “an air of uncertainty permeates Freeport and Grand Bahama.”
Dr. Doswell Coakely in a press statement on Wednesday declared that Freeport continues to drift on the “sea of nothingness.”
“The open legal threat by one of the suitors to all businesspersons who might have entered into agreements with the Grand Bahama Port Authority since the late Edward St. Georgeﾒs death is equally troubling,” Dr. Coakely said.
“The promise of retaliation through the courts certainly does not help the cause of Freeportﾒs economic development, nor does it act as an incentive for prospective investors. It is in fact a ﾑred flagﾒ and a negative signal to all current and hopeful licenses to curl in their investment plans until such time as the ownership battle is settled. We all know this can take years to resolve and prove painful for all sides, including the licensees.”
The Chamber president was referring to the battle over the assets of the late Edward St. George, the Port shareholder, whose ex-wife, Mary, is now demanding 50 percent of his assets, as was reportedly their agreement when they divorced many years ago.
As reported in The Bahama Journal on Wednesday, Mr. St. Georgeﾒs daughter, Caroline, is claiming that her fatherﾒs assets are co-mingled with hers and she is determined to protect her interests.
Dr. Coakley noted that the Grand Bahama Port Authority Ltd. is no ordinary company.
“It is also very unfortunate that licensees of the Grand Bahama Port Authority, being party to the Hawksbill Creek Agreement, have not been involved in the process as they ought to,” Dr. Coakley stated. “With the second party being cannibalized from within, the government being the third party to the agreement must now closely weight its options.”
Dr. Coakley noted that the government was previously encouraged to take “a forensic look” at the workings of The Grand Bahama Port Authority, and circumstances of the day show that the suggestion has merit. Now the scene is being played out openly in the courts of New York and elsewhere.”
He said that under the current circumstances, the big question is whether the Grand Bahama Port Authority can fulfill its mandate as provided for under the Hawksbill Creek Agreement.
“It would seem that every time Freeport tries to get up something happens to lull it back to sleep,” Dr. Coakley stated.
“While every other part of The Bahamas seems to be well on the development path, Freeport is languishing in apathy and regression. It is a must that the Hawksbill Creek Agreement be visited, and the government must get involved in what is going on in Freeport before it is too late.”
Concerns about the state of the Grand Bahama Port Authority have persisted in recent months, fuelled by the departure from the Port of top Bahamian executives, including former CEO and Co-Chairman Julian Francis, the former Central Bank governor who served at the Port for exactly a year.
The appointment of Austrian-born Hannes Babak as chairman also fuelled great debate with some suggesting that a Bahamian should have been appointed to fill that position, and others suggesting that because he has business interests in Grand Bahama he would clearly be in a conflict of interest position.
Now, Damian Gomez, Caroline St. Georgeﾒs attorney, says his client is considering suing Mr. Babak, claiming that he is unfairly positioned to benefit from the Portﾒs profits.
So far, the government has decided to take a hands-off approach to the present state of affairs at the Port.
Both Mr. Babak and Port CEO Sir Albert Miller were said to be out of town this week, but a source close to the Port had said the company planned to release a statement aimed at easing the worries of licensees and other observers.
The Bahama Journal
