Wednesday, 6 August 2008


And the result has been a long, drawn-out fiasco with the Baha-Mar $2billion project now on hold "indefinitely". PM Hubert Ingraham may be making the same mistake as Christie in dealing with foreign investor Rami Weisfisch. Israel-born Weisfisch is in talks to buy the Four Seasons hotel and casino at Emerald Bay in Exuma for $130million. If he seals the deal, Weisfisch will reportedly put down less than $5million. But Weisfisch also has no experience of developing resorts. What's more, Weisfisch, 61, reportedly turned down then-PM Christie's offer to do the $2billion Cable Beach project. Weisfisch is considered to be scandal-tainted by the controversial purchase of cobalt from the Zambian Government by his company, Metals Resource Group (MRG). A Zambia Parliamentary Inquirty into corruption concluded that the cobalt sale to MRG had cost the Zambian Government $60million. Weisfisch's business holdings are now registered as a trust held by PLP MP and lawyer Philip "Brave" Davis. Weisfisch donated big bucks to the PLP election campaigns in 2002 and 2007. He received permanent residency here shortly after the PLP won the 2002 election. Weisfisch is now a tax exile from America. He gave up his U.S. residency status a couple of years ago. The IRS, or U.S. taxman, is reportedly looking into Weisfisch's business affairs. The IRS is checking to see if Weisfisch has paid all taxes on his world-wide business dealings over the last 20 years. Weisfisch reportedly does not travel to the U.S. any more. HIs wife and children live in the U.S. He has a $12million manion in Palm Beach. Now long ago, he bought land by the sea in the Delray Beach area on the understanding that he would develop it into a resort. So far, Weisfisch has done no development. The land stands vacant.

He reportedly bought the land at a bargain price after talks with his friend, the Mayor of Palm Beach. So, like Izmirlian, Weisfisch is sitting on prime land which he has failed to develop as allegedly agreed. Such investors usually come out of this type of situation on top. They sell the land that they bought at a cheap price for several times more than they paid for the real estate.

This is known as "flipping" an investment to make a profit.

Presumably, Hubigetty gets the picture. He would be wise to tread carefully with PLP backer Weisfisch. After all, the PM rejected Weisfisch's first bid to buy Emerald Bay. But now that hte PM is desperate for foreign investors to boost the slumping economy, he's talking again to Weisfisch on Emerald Bay.

Originally published in The Punch, 6 August 2008.

Thursday, 31 July 2008

Scandal-Tainted PLP Expat in Bid to Buy Emerald Bay


A RICH expat who donated big bucks to the PLP's election campaigns in 2002 and 2007 is in talks to buy the Four Season hotel and casino at Emerald Bay, Exuma.

Scandal-tainted Rami Weisfisch is reportedly set to purchase Emerald Bay for about $130million. But Weisfisch will reportedly put down less than $5million if he manages to seal the deal.

Weisfisch, 61, is an Israeli. He was granted permanent residency shortly after the PLP won in 2002. He lives in Bay Roc, Cable Beach.

The wily Weisfisch has forged business relationships with FNM and PLP lawyers to help him acquire Emerald Bay. He is reportedly represented in the deal by former FNM Cabinet Minister Sir Orville Turnquest, Wayne Munroe and PLP MP Philip "Brave" Davis. Weisfisch has invited all three lawyers, plus ex-PM Perry Christie, to his daughter's wedding in Paris next month. He will reportedly pay all their travel expenses.

Christie has been using his influence to try to persuade PM Hubert Ingraham to approve the sale of Emerald Bay to "PLP expat" Weisfisch. But observers are concerned at Emerald Bay going to Weisfisch. They view him as an unsuitable investor. He has no background in operating resorts. Weisfisch reportedly has his eyes on Emerald Bay's casino license. He feels the licence could become very valuable if he revamps Emerald Bay into a profitable resort. Emerald Bay reportedly owes Government big bucks in casino taxes. Weisfisch is a metals trader. He is President of Metal Resources Group (MRG). Weisfisch and MRG were caugh up in a Parliamentary Inquiry into alleged corruption in Zambia, East Africa. Zambian MPs alleged that a "fixed-price" sale to MRG of 1,900 tonnes of cobalt had cost the Zambian Government $60million.

Weisfisch was not accused of any wrongdoing. But many felt that he and MRG were badly tainted by the Zambian cobalt scandal.

Originally printed in The Punch, 31 July 2008.