NASSAU, BAHAMAS – Leader of the Opposition, Free National Movement (FNM) Michael Pintard told reporters on Wednesday morning that the party is keeping a close eye on the ongoing New York Supreme Court battle between Sarkis Izmirlian and CCA Construction Inc, CCA Bahamas Ltd. and CSCEC (Bahamas) Ltd. (CCA); Pintard said the main priority is to ensure job security for Bahamians employed at the British Colonial Hotel and Margaritaville Beach Resort as the court saga continues.
CCA Bahamas Ltd.’s holdings includes the Margaritaville Beach Resort and the British Colonial Hotel. The two hotel properties were pledged, alongside an additional $355.1 million, by CCA Construction Inc last year as part of its attempt to satisfy a $1.6 billion dollar payment owed to Izmirlian’s BML Properties Ltd.
BML filed winding-up petitions yesterday in the Supreme Court of the Bahamas, seeking the orderly liquidation of CCA Bahamas Ltd. and CSCEC (Bahamas) Ltd. after their failure to satisfy a $1.6 billion judgment against them and CCA Construction Inc.
Yesterday, Izmirlian said in a statement, “We are seeking the protection of court-appointed guardians [KPMG] to ensure the continued stable operation of the hotels and preserve Bahamian jobs”.
Pintard told reporters the opposition is in support of Izmirlian stance to appoint liquidators if his bid is successful.
The FNM emphasized that the party is still renewing its call for an inquiry into the debacle as the party believes that the country’s reputation can be at stake due to the ongoing court case.
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