NASSAU, BAHAMAS – Chairman of the Free National Movement (FNM) Dr. Duane Sands said that the opposition is concerned about the implications for the Bahamas following the New York Supreme Court’s decision to uphold its ruling of a $1.6 billion settlement to be paid to previous Baha Mar resort owner Sarkis Izmirilian.
CCA asserted back in October, shortly after the ruling was handed down, that “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.”
That Supreme Court ruling also placed the previous Progressive Liberal Party government under scrutiny, as it alleged that Izmirilian was ousted as the resort’s developer with the help of the Christie-led administration, thus making the path clear for CCA to pump money into the project.
The judge found that Izmirilian’s company, BML
Properties Ltd. proved by clear and convincing evidence that CCA’s multiple acts of fraud and breaches of an agreement to act in the best interest of
BML caused the project to miss the date for partial opening.
