FREEPORT, Grand Bahama – Deputy Prime Minister Chester Cooper is “disheartened” after learning specific details of the deal for the sale of the Grand Lucayan property in Grand Bahama, The Tribune reported on Friday, October 1, in an article written by Denise Maycock.
The Deputy Prime Minister, who is also Minister of Tourism, Investments and Aviation, said he still thinks the deal is an “egregiously bad” one, a view he held while in opposition.
Without disclosing a specific amount, he revealed the cost already associated with the property to date is costing Bahamians close to $200m.
During his first official visit to Grand Bahama yesterday, Mr Cooper met with the board of Lucayan Renewal Holdings (LRH), the special purpose vehicle created to own the assets of the Grand Lucayan resort.
Following his two-hour briefing at the resort with the board, Mr Cooper told reporters: “We had a good briefing from Lucayan Renewal Holdings Ltd, the board responsible for this property and ongoing negotiations as it relates to its pending sale. I am happy we have been briefed over what might be the next course of action over the next several weeks.”
“We will be discussing along with our colleagues at Cabinet next week and making a further statement as to the immediate cause of action,” he said.
Attorney General Ryan Pinder, Minister for Grand Bahama Ginger Moxey, and Parliamentary Secretary in the Ministry of Tourism John Pinder were also in attendance.
“We have looked at the details extensively. I can tell you it is costing the Bahamian people,” Mr Cooper said. “And I can tell you that sometime during the last several years we would have made certain public comments to the deal itself.
“I specifically recall saying that it was an egregiously bad deal. I am disheartened to say I did not hear anything to change my view.”
Although no details were disclosed about his briefings with the board, Mr Cooper indicated negotiations concerning the Grand Lucayan are a top priority for the Davis administration.
“As it relates to this property, we won’t go into extensive details as to the briefings. So, suffice it to say, we are keen to move with respect to the negotiation one way or the other.
“We do not anticipate going into specifics today, but suffice it to say, this is front and centre on our radar. And, therefore, we will move with dispatch to cause there to be some additional movements.”
He also said: “When we spoke to this issue some time ago, I actually said it was an egregiously bad deal. And I can confirm for you today that I did not hear or see anything that would cause me to change my mind.”
Mr Cooper said he intends to make a detailed statement next week on the issue. See complete article in The Tribune at http://www.tribune242.com/news/2021/oct/01/coopers-dismay-lucayan-cost/
