Bah Mar project.
Bah Mar lost its major partner Harrah early this year and as a result the company have been staggering into problems. Recently some workers parted with the company as a result of the breakup. However Bahamas Press has learned that Bah Mar has now terminated the services of its Public Relations agency, The Counsellors.
Baha Mar earlier this year said it has received a notice from Harrahâ€™s “purporting to terminate their joint venture arrangements. Baha Mar has notified Harrahâ€™s that it disputes Harrahâ€™s ability to unilaterally terminate the arrangements. Those arrangements were affirmed by Harrahâ€™s as recently as January 31 when Harrahâ€™s, as Baha Marâ€™s joint venture partner, signed the latest heads of agreement with the Government of The Bahamas.”
Prime Minister noted to Parliament Harrah “have no legally binding commitment to The Bahamas,” and noted that “All of their agreements are with Baha Mar.”
St. Thomas More MP Frank Smith also raised concerns about the project in the House in March saying;
“The words of the prime minister have the effect of calling into question the value of the heads of agreement because the prime minister says even the first benchmarks will not be met. So any banker looking at the heads of agreement would need to be persuaded that the government will continue to honour this agreement despite the fact that the developers are in breach and it is said that they were in breach from as early as March 2008,” Mr. Smith said.