Former Baha Mar developer Sarkis Izmirlian yesterday accused China Construction America (CCA) of hiding behind a chapter 11 bankruptcy filing to avoid the enforcement of a $ billion against it.
“This is just another example of CCA, and its multibillion-dollar parent company China State Construction Engineering Corporation attempting to evade responsibility for its actions by hiding behind a chapter 11 proceeding,” Izmirlian said in a statement.
He said, “I am confident that both the bankruptcy judge and the New York appellate court will see CCA for what it is
“We will take every step necessary to enforce our rights against CCA and all those who orchestrated CCA’s frauds, including its parent CSCEC.”
BML Properties Ltd., which is chaired by Izmirlian, expressed its disappointment in the bankruptcy filing by CCA.
CCA filed for chapter 11 on Sunday after “a crippling $ billion judgment” issued against it and its affiliates by a New York Supreme Court in favor of Izmirlian’s company, BML Properties Limited (BMLP).
CCA Chairman and CEO Yan Wei said CCA’s challenges started in and were exacerbated by the October New York ruling.
“Our actions today are intended to protect CCA’s
Former Baha Mar Director: It is Absolutely Shameful and Disgraceful
Dionisio D’Aguilar &#; Former Director, Baha Mar Resort
&#;It is absolutely shameful. It is disgraceful&#; I am shocked.&#;
The New York Supreme Court awarded Sarkis Izmirlian over $ billion in damages, ruling that China Construction America (CCA) orchestrated a sham that cost Izmirlian’s family $ million.
Dionisio D’Aguilar &#; Former Director, Baha Mar Resort
&#;They wanted it to open in order to get Bahamians employed and to have the significant GDP effect that it has had. I get that, but with hindsight now that all the evidence is being revealed, the government of The Bahamas really should’ve sided with Sarkis Izmirlian and put pressure on the Chinese to complete and fund the project to the end.&#;
A former Baha Mar marketing employee expressed feelings of vindication.
&#;Hearing about Sarkis’ court victory felt like vindication, not only for him but for all the talented Bahamians and expats whose lives were disrupted&#; The day we were notified of the redundancies was sobering. Years of hard work seemed to be lost.&#;
Hundreds of employees were made redundant after the resort filed for Chap
Baha Mar&#;s Chinese contractor seeks to exclude $M damages evidence from fraud trial
NASSAU, BAHAMAS — Baha Mar&#;s Chinese contractor is seeking to prevent the Cable Beach mega resort&#;s original developer, Sarkis Izmirlian, from presenting damages evidence for his $ million investment recovery, just weeks ahead of the fraud trial.
That trial will occur from August 1st to August 16th before New York Supreme Court Judge Justice Andrew Borrok. Izmirlian filed a $ billion lawsuit six years ago alleging &#;massive fraud&#; by Chinese state-backed contractor China Construction America (CCA), claiming that the contractor intentionally engaged in work slowdowns or stoppages which prevented the project from opening to any paying guests on March 27, , and contributed to BML’s liquidity crisis. The development, which was ultimately placed into receivership, was subsequently sold to its current owner, Hong Kong conglomerate Chow Tai Fook Enterprises.
CCA is seeking the court to grant a motion to exclude at trial the plaintiff&#;s damages evidence and argument that it is entitled to recover its alleged $ million contribution to BML as damages. Additionally, they aim to exclude at tria
A landmark ruling in a New York State Supreme Court, awarded a whopping $ billion to Sarkis Izmirlian, the original developer of the Baha Mar resort in the Bahamas after nearly seven years of wrangling with China Construction America’s (CCA), alleging fraud and breaches in a completion date that caused him to file Chapter 11 bankruptcy, losing control of the $ billion resort.
Here’s what to know:
Who is Sarkis Izmirlian?
Sarkis Izmirlian is a businessman who was the original developer and driving force behind the Baha Mar resort, a project he envisioned over two decades ago. The resort was to revitalize Cable Beach on New Providence, the beachfront area of the island, becoming a direct competition to Atlantis Resort over Paradise Island.
Izmirlian is from a wealthy family and was a resident of Lyford Cay. His father was a Swiss-based Armenian peanut tycoon named Dikran Izmirlian. His company built a large interest in the Gambian peanut market.
Izmirlian&#;s family invested $ million in equity into the Baha Mar development.
What Happened?
China Construction America’s affiliated companies&#;China State Construction Engineering Corporation Bahamas (CSCECB) was the m
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