NASSAU, Bahamas – The original developer of the Baha Mar hotel project, Sarkis Izmirlian, Tuesday sought to give the assurance to hundreds of Bahamians that he would seek to safe guard their jobs as the efforts continue to wind-up a company that owns two hotels here.
Nassau’s British ColonialIn a statement, Izmirlian said that his attorneys have petitioned the Bahamian Supreme Court to appoint the KPMG accounting firm as liquidators for CCA (Bahamas), the corporate entity that acts as the immediate parent for the Nassau’s British Colonial and Margaritaville Beach Resort properties.
China State Construction Engineering Company (CSCEC) Bahamas, which held US$150 million worth of preference shares in the original Baha Mar project prior to its eventual liquidation, is also the subject of Izmirlian’s winding-up petition.
But he said the move will not impact the hundreds of employees working at the two hotels. “We are seeking the protection of court-appointed guardians to ensure the continued stable operation of the hotels and preserving Bahamian jobs,” said Izmirlian, who has moved against the two hotels, and their parent company, in a bid to seize and secure the two major assets owned by affiliates of China Construction America (CCA).
His move comes after the Chinese state-owned contractor failed to pay, and/or settle, the US$1.642 billion damages awarded against it by the New York State Supreme Court, instead choosing to appeal that verdict.
In October last year, CCA filed an appeal against the US court ruling that Izmirlian, had proven his fraud claim against CCA “beyond doubt”.
Baha Mar is a 1,000-acre resort complex on the island of New Providence in The Bahamas that was opened in April 2017.
It includes three hotels with a total of 2,200 rooms, 284 private residences, a 100,000-square-foot casino, a 30,000-square-foot spa, and a Tournament Players Club golf course designed by Jack Nicklaus.
Judge Andrew Borrok had ruled in favour of Izmirlian awarding more than US$1.6 billion in damages over the fraud and breach of contract claim against the project’s main contractor.
The judge said that in “falsely” telling Izmirlian they would achieve Baha Mar’s substantial completion by the March 27, 2015, target date, he found that CCA representatives triggered the events that led to the project’s “liquidity” crisis and ultimately the original developer’s ouster.
In a statement sent to the Caribbean Media Corporation (CMC), a CCA spokesman said the company along with its affiliates CSCEC Bahamas and CCA Construction Inc filed a notice of appeal of the New York State Supreme Court decision of October 18, 2024.
