NASSAU, BAHAMAS – Attorney General Ryan Pinder asserted that The Davis Administration is not concerned on the heels of a New York Supreme Court ruling which maintained the enforcement of a $1.6 billion settlement to be paid to previous Baha Mar resort owner Sarkis Izmirilian.
Pinder noted that, “they have to come to government to effect any kind of order and the government will approach that with the mindset of preserving Bahamians first.” His comments also come amid concerns expressed by some which question whether or not thousands of jobs may hang in limbo if CCA is forced to sell its two Bahamian hotel assets to meet the multi-billion dollar demand.
Pinder’s assertions came just moments after the appellate division of the U.S. court lifted a stay that was requested by China Construction America, the defendant in the matter whose executives sought to appeal what they described as a “deeply flawed ruling.”
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.
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