Oasis sale is still on Prime Minister assures House

By BARBARA WALKIN

Senior FN Reporter

barbara@nasguard.com

Strongly refuting continuous reports that the multi-million Royal Oasis sale between World Investment Holdings and Lehman Brothers has fallen through, Prime Minis-ter Perry Christie said yesterday that there has only been some changes within the purchasing group.

"In other words, one of those who was a part of the purchasing team has communicated to the Government that they have now fallen away and the others have gone on without that particular personality," said Christie, answering a question posed by Member of Parliament for High Rock Kenneth Russell.

Addressing Members of Parliament in the House of Assembly during the morning session Wednesday, Christie added that the Government has been aware that there has been a change in the purchasing team interested in the $40 million deal.

"With respect to the time, it was my understanding initially that they were asking for a 15-day extension to overcome certain technical difficulties. That is what I am told," explained Christie.

The targeted completion date for the sale was Monday, October 16.

"But," Christie noted, "there is a standard that the purchasing company obviously must meet, out and beyond its capacity to raise the money for the purchase and for the renovations. And it is the standard, the confidence that the Government will have in moving forward, that must be met and must be in place as we move forward."

Christie added that this is a dynamic process that is going on where both the Grand Bahama Port Authority, with responsibility for licensing, and The Bahamas Government are paying very close attention to.

Noting that in the initial stages people thought he was being soft, Christie said that there is absolutely no doubt that in the way forward the Government wants to do what is best for Grand Bahama.

"And as I said, and I want to be very frank, I have never been without concern in this matter and that is as far as I can go at this time," Christie said. "Other than that, I am taking a personal interest in the development as we move forward."

According to reports, the deal for the sale of the resort unhinged as a result of an investigation of some of the principals involved.

Newspaper reports named investors Keith St. Clair, Idalberto Rodriguez, Viri-dian Barbeito, Seyed Mog-hani, Fernando Alvarez Jr. and Fernando Alvarez Sr. as the principals behind WIH, a U.S.-based firm.

WIH reportedly beat out Harcourt Developments, a property construction and management company based in Dublin, Ireland.

The Harcourt Group had been at the table several months before and in fact were negotiating with the Lehman Brothers about a year and a half earlier when the initial deal fell through.

An official announcement of WIH's involvement in the sale has yet to be made by the Government.

© 2006 The Freeport News