>'Extreme' concern on $867m project's woes

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>A government minister yesterday told Tribune Business he was “extremely” concerned about the protracted legal battle that has enveloped the South Ocean resort and inhibited its potential $867 million redevelopment, telling Tribune Business yesterday that it further exacerbated the Bahamas’ “asset utilisation problem”.

Vincent Vanderpool-Wallace, minister of tourism and aviation, said the ongoing litigation between the project’s developer and financing partners, and the failed attempt by a Canadian pension fund to foreclose on the $85 million first mortgage it holds on the South Ocean property, only delayed the potential benefits Bahamians were likely to gain from employment and entrepreneurial spin-off opportunities.

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