NASSAU, The Bahamas, July 24, 2015 /PRNewswire/ — CCA Bahamas Ltd. (CCA Bahamas), a wholly owned indirect subsidiary of China State Construction Engineering Corporation Limited (CSCEC) and the construction manager/ general contractor for the $3.5 billion Baha Mar resort project, today issued the following statement regarding the Baha Mar project:

“CCA Bahamas continues to make every effort to work constructively with the Bahamian government, China Exim Bank, and Baha Mar Ltd. to reach a successful resolution that will enable us to restart work and complete the Baha Mar resort project.”

…continue >

Tax exemptions agreed in the Hawksbill Creek Bill are due to be extended by six months ahead of the agreement’s August expiration date, according to a communication by Prime Minister Perry Christie.
…continue >

The Bahamas and the US Foreign Account, Tax and Compliance Agreement Bill has been passed in the House of Assembly.
…continue >

Baha Mar Ltd issued the following statement with regard to the Bahamian Supreme Court ruling:

We respect Justice Winder’s ruling and look forward to understanding his reasoning, but we are nonetheless disappointed by the result. We are even more disappointed in the way the government has responded to our Chapter 11 filing over the past several weeks. We hope the government will stand by its word to be an impartial mediator in our efforts to protect our investment and bring the project to completion. We do not believe today’s ruling, for which the government strenuously argued, assures the necessary protection of the assets of Baha Mar, and we do not believe that it is best for the over 2,500 current employees of Baha Mar.

…continue >

Here follows a statement released The Bahamas government via Bahamas Information Services regarding the recent decision by The Bahamas Supreme Court to reject Baha Mar’s Chapter 11 Bankruptcy Recognition Petition:

We welcome today’s decision by The Bahamas Supreme Court to deny Baha Mar’s application for recognition of its American Chapter 11 Bankruptcy of June 29, 2015.

…continue >

Politicians are set to debate legislation surrounding the US Foreign Account Tax Compliance Act in the House of Assembly this week.
…continue >

The government making its treasury notes available to Bahamians and impending FATCA regulations top the news at the start of the week.
…continue >

Subsequent to last Friday’s petition to the Bahamas Supreme Court for the winding up of Baha Mar and the summons for the appointment of a provisional liquidator – and following intensive weekend consultations with Baha Mar, China Construction and Exim Bank of China – the Attorney General has requested that a hearing of the summons for the appointment of provisional liquidators be held next week.

…continue >

Speaking at a NABHOOD event in Miami last week, State Minister for Investments Khaalis Rolle reassured the audience that The Bahamas was still a great place in which to invest in the hospitality industry.
…continue >

The VAT-free shopping scheme and the 2015 Andros Bahamas Business Outlook conference topped the business news agenda at the end of last week.
…continue >