The Tribune newspaper reports that an $857 million Bahamian resort development project will “find it very difficult to get back on its feet and move forward” unless the New York courts quickly determine whether to affirm an arbitration ruling, its financier alleging that its former partner is employing “11th hour delay tactics” to prevent this happening.
The Tribune article also notes:
“The South Ocean case also highlights how the fate of valuable Bahamian resort and other properties, plus valuable parcels of real estate, is increasingly being decided in foreign courts, which developers and their financiers have selected as the primary jurisdiction for resolving any disputes.”
Wasn’t the Baha Mar financial agreement with the Chinese decided in a foreign (U.S.) court? Hmmm.
Meanwhile, the timeshare owners who invested in timeshares at the resort are still left holding the bag, something the Bahamas government should take responsibility for.
