China Construction America (CCA) has appealed a New York court ruling that awarded former Baha Mar developer Sarkis Izmirlian’s BML Properties Limited $1.6 billion against CCA and affiliated companies.
The court found that China State Construction Engineering Corporation Bahamas (CSCECB) committed material breaches of the parties’ investors agreement by requesting $54 million from BMLP to pay subcontractors, but instead used it to purchase the Hilton hotel in Downtown Nassau.
In a statement yesterday, a spokesperson for CCA said, “The lower court’s decision is by no means the last word in this matter, and the action we have taken to begin the appeal process is the first step towards correcting a ruling that misapplies basic principles of New York law, misconstrues core facts, and completely overlooks the consistently tireless construction work done by CCA Bahamas that ultimately completed the Baha Mar Resort.
“Through its own irresponsible actions, BML Properties caused BML to overborrow, overspend and overextend itself and then brought about its own losses by unilaterally and secretly putting the project into a wrongful bankruptcy behind the backs of its partners and the Bahamian government.
“BML Properties’ ploy to keep control of the project, which was rejected by independent courts in the United States and The Bahamas, harmed not only CCA Bahamas and CSCEC Bahamas, but also the Bahamian economy.
“We look forward to presenting our arguments to the appellate court.”
The appeal is dated October 29, 2024.
Justice Andrew Borrok of the Supreme Court of the State of New York found that China State Construction Engineering Corporation Bahamas (CSCECB) committed material breaches of the parties’ investors agreement by requesting $54 million from BMLP to pay subcontractors, but instead used it to purchase the Hilton hotel in Downtown Nassau.
He also found that the defendants used Sir Baltron Bethel, who was at the time senior policy advisor to then-Prime Minister Perry Christie, in an effort to secure the Bahamas government’s help in pushing Izmirlian out of the project.
Borrok said in his ruling that credible evidence indicated that Izmirlian acted “honorably and commercially reasonably” in seeking to have the multi-billion-development completed.
The Office of the Prime Minister said Prime Minister Philip Davis has directed Attorney General Ryan Pinder to conduct a review of the ruling.
The statement said Davis will await the advice of the Office of the Attorney General before making any further comments or decisions regarding the findings of the ruling.
But Minister of Foreign Affairs Fred Mitchell has criticized the ruling.
Mitchell accused Izmirlian of “seeking to tell a narrative which does not line up with the facts”.
The Progressive Liberal Party chairman also shared a message on WhatsApp about the ruling, posting a picture of a garbage receptible with the word rubbish written on it. Under the photo he wrote, “The New York judgement in favor of Izmirlian, the failed developers of Baha Mar.”
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=67222de52a004154b9d07512ef2932b9&url=https%3A%2F%2Fwww.thenassauguardian.com%2Fnews%2Fcca-appeals-1-6b-ruling%2Farticle_b81e8926-9629-11ef-82fa-031e98385960.html&c=15581735095184617835&mkt=en-us
Author :
Publish date : 2024-10-30 00:42:00
Copyright for syndicated content belongs to the linked Source.