Rick Lowe
The chorus of PLP's suggesting there is something the government could have or should have done or should do in this very private matter is curious indeed.
It is surprising that Mr. James Smith, former governor of the Central Bank of The Bahamas and Finance Minister with the last PLP administration, would enter the fray, if you will, and suggest the government should issue guidelines for "anybody who is interested in taking over" Atlantis/Kerzner.
As noted, Kerzner International is a private company and the government is not entitled to sit at the table of these negotiations unless they are invited to by the parties. And for them to issue guidelines for a group that might wish to purchase the property, other than restating what are laws are seems, well, preposterous to me.
It would undoubtedly be devastating if Atlantis has to lay off large numbers of associates, but this game of suggesting a company's private business should be detailed in the public domain, could set off a firestorm of upset and confusion among foreign entities that have been invited here over the years by successive governments.
Sometimes the Opposition needs to take a deep breath on these large issues and instead of creating upset, make a meaningful contribution to the debate.
This rant by the PLP makes one chuckle Rick, Brookfield is in the business of making profits for investors, the PLP is in the business of trying Win Friends and Influence People, you just have to wonder why investment is down in the Bahamas. Bahamians have to come to grips and soon, that Governments can’t solve every issue.
Government personnel and the elected have, and continue to re-enforce, the mistaken belief that they must be in the middle of private sector affairs, including being signatory to “Heads of Agreements”
Unfortunately they get away with this, especially in the case of foreign investment.
Approvals have become ransom notes.
Just as with the ever encroaching Rules,legislation and taxation on the domestic front.
Not to mention the personal approvals that Civil Servants have empowered themselves with.
Economic death by technocratic strangulation.
This is a clear cut example of the political immaturity of our country.. How can a respected political figure like Mr. James Smith entertain such an idea that the government should issue guidelines for any entity interested in taking over Kerzner International?? Any such political interference can only act in the long-run as a detriment to future foreign investment coming to our shores..
Such political meddling can force creditors to move aggressively to place Kerzner International into bankruptcy.. Bankruptcy could force a corporate reorganization which would result in a significant downsizing..
So far the government of the Bahamas has exercised prudence by not meddling directly in this difficult restructuring.. What is not needed is a political side show by opposition political parties trying to win favor in the forth coming elections.. So much is a stake and the best course of action is to let private market forces determine the eventual outcome and settlement..