Monday, April 5, 2010
Port Families Reach Settlement, all Litigation to End
Freeport, Grand Bahama - Sir Jack Hayward, OBE and Sarah St. George informed the Prime Minister of The Bahamas, Hubert A. Ingraham, by telephone that as of March 31st the Sir Jack Hayward interests and the St. George family together with Hannes Babak have signed a binding and conclusive Settlement Agreement to end all litigation between them in The Bahamas and the Cayman Islands.
In a brief telephone call with the Prime Minister, the two principals reported that they had reached a very amicable settlement and that in addition to ending the long running and at times acrimonious dispute they had agreed to work together on a joint sale of their equal interests in the Port companies to a buyer who would be both good for the future of Grand Bahama and acceptable to the Government of The Bahamas. Sir Jack noted “Hannes Babak, Derek Harrington and Andre Feldman should be commended for their efforts in helping to finalize a settlement” and he looked forward to “a new era of prosperity” for the island.
The St George family expressed their thanks to all who helped to achieve this goal in The Bahamas and Lady Henrietta said, “I feel like an enormous cloud has lifted. I have been praying for this day. Edward would be proud that we can all once again focus our full attention on Freeport’s bright future”.
Prime Minister Ingraham was very pleased to be informed on the agreement reached between the Sir Jack Hayward interests and the St. Georges', ending all litigation between the two . He recalled with appreciation the tremendous good both families have done for Freeport over the years, and said he and all of Grand Bahama look forward to better times ahead for the Grand Bahama Port Authority and for Freeport.
Sir Jack and Sarah St. George extended their appreciation, to “the dedicated staff of the Grand Bahama Port Authority, the licensees and to all Grand Bahama residents."