Where have the millions vanished? Could this photo below explain our probe?
How is it this jet could have been purchased in cold cash but small Bahamian contractors could not get paid after completing work?
Nassau, Bahamas — Someone must begin question what has happened with millions of dollars spent on Baha Mar over the past 10 years, and ask, where did the millions collected by Baha Mar operators go with the hotel still not incomplete.
BP has been gathering some details on the property and what we are beginning to uncover is indeed damning!
Chairman of Baha Mar, Mr. Sarkis D. Izmirlian, sold a big dream to the world. Although he had never ventured into the hotel business, he convinced many to buy into the dream that he could create a product larger and bigger than Atlantis in the Bahamas. He collected money from the Government of the Bahamas IN THE MILLIONS! He collected money from the brand hotels [SLS, Rosewood and Grand Hyatt]! He collected Billions from the Chinese EXIM Bank! And even more millions from merchants of restaurant and shops, and now that the time has come to account for what happened to the millions collected [with hundreds of businesses owed, left UNPAID], Mr. Izmirlian vanishes like Houdini!
He failed to show up for his own negotiations in China to save the project; and right now he cannot be found. Now that is an incredible move if you ask us!
Just minutes after filing his Chapter 11 Bankruptcy on Baha Mar in a Delaware Court, Mr. Izmirlian placed the blame on his Chinese construction partner for “repeatedly [missing] construction deadlines,” and accused the company of inflating invoices for the work it had completed. Mr. Izmirlian hid the fact that he made more than 1,300 construction changes to the design of Baha Mar, even firing the architect! And made no mention as to why he didn’t pay the China Construction America since February 2015, owing them more than $72 million! UNBELIEVABLE!
But it didn’t end there! In press releases he blamed the Christie Government for failing to keep its word, offering little evidence to validate the charge. And then it was the blame on the EXIM Bank for not being reasonable to advance more money to fund the project’s completion; a price tag, which jumped from $300 million to $600 million within weeks.
But while Mr. Izmirlian continues to point his “GYPSY” fingers at everyone but himself, his companies have refused to pay their creditors. It has failed to meet its inflated staff salaries. And his company still refuses to sign a guarantee, which would advance Baha Mar the much needed funds to have the project completed. Don’t forget now it is his company that is collecting and spending all these millions!
We believe Mr. Izmirlian is now on the run; making ghost moves in press statements while hiding in the shadows to the thousands of small businesses and Bahamian contractors now drowning in debt with his failed project.
Bahamas Press believes the time has now come for an end to this conundrum! A Forensic Audit must now be had to find out where did All THOSE MILLIONS GO!
And we assure our readers that, when you hear where the millions went, a CRIMINAL INVESTIGATION will be opened!
Stay Tuned as BP releases more in the coming days…