The British Colonial hotel. Photo: Chappell Whyms Jr
By NEIL HARTNELL
Tribune Business Editor
[email protected]
Sarkis Izmirlian today pledged to safeguard hundreds of Bahamian jobs as he urged the Supreme Court to permit the winding-up of a company that owns two Nassau hotels.
Baha Mar’s original developer, in a statement, said his attorneys have petitioned the Bahamian courts to appoint the KPMG accounting firm as liquidators for CCA (Bahamas), the corporate entity that acts as the immediate parent for downtown Nassau’s British Colonial and Margaritaville Beach Resort properties.
China State Construction Engineering Company (CSCEC) Bahamas, which held $150m worth of preference shares in the original Baha Mar project prior to its eventual liquidation, is also the subject of Mr Izmirlian’s winding-up petition.
However, he emphasised that 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 Mr Izmirlian.
The original Baha Mar developer 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). He has acted after the Chinese state-owned contractor failed to pay, and/or settle, the $1.642bn damages awarded against it by the New York State Supreme Court, instead choosing to appeal that verdict.
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Publish date : 2025-01-14 07:44:00
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