FELIX SANDS ABOUT THE GRAND BAHAMA PORT AUTHORITY
The Grand Bahama Port Authority released a public statement, 8 May 2024 in response to Prime Ministers Davis’ speech at the Chamber of Commerce on 6 May 2024. He made the case to the business community for why the Grand Bahama Port Authority had been given a bill of $357 million for reimbursement.
The response statement given by GBPA, was reckless, and personally insulting, accusing the prime minister of making incomplete, inaccurate and selective representation.
The present shareholders of the Grand Bahama Port Authority have not learned any lessons from their destructive fight with one another, in the courts, after the death of Edward St George. The court battle ended in a stalemate; but, the severe self-inflicted damage was done to the GBPA’s reputation and brand .
The Grand Bahama Port Authority, further, damaged itself as a serious developer to attract foreign investors when
they took the insurance money and abandoned the Freeport International Airport and, in the process, losing the coveted US pre-clearance after the passage of hurricane Dorian.
The infrastructure of the City of Freeport is in urgent need of upgrades. Some business persons in the city has estimated that a $100 million re-investment is needed to set the city on a solid footing with an amended structure.
The Bahamas government has presented the Port Authority with a $357 million dollar bill under the reimbursement clause 1 (5)(c)of the Hawksbill Creek Agreement.
The question must now be asked: $357 million owed to the Bahamas government and a further $100 million estimated to fulfill there fiduciary responsibilities under the Hawksbill Creek Agreement.
Is the GBPA able to pay and still be a viable going concern? Or, have the GBPA now become the authors of their own destruction by lashing out against the government of The Bahamas for simply looking out for Bahamian interest and enforcing binding contract law.
The only question should now be is the sum given GBPA correct: even if the arbitrators significantly discount the figure; Can The Port Pay?
Felix A Sands