NASSAU, BAHAMAS – Prime Minister Philip Davis asserted on Friday that he does not see any threat to “Bahamian assets” as a result of A New York Supreme Court that enforced a $1.6b settlement against China Construction America, stemming from a Baha Mar ruling that slammed the CCA for committing a series of fraudulent acts against the resort’s initial investor, Sarkis Izmirilian.
Davis made those comments to reporters two days after the appellate division of the NY court axed a stay that was granted in favor of CCA, the defendant, citing liquidation concerns as it relates to its two downtown Nassau hotels – Magaritaville Resort and British Colonial Hotel.
Concerns have surfaced as a result of the defendant offering to use its two hotels as collateral to attempt to satisfy a multi-billion dollar settlement that must be paid to Izmirilian.
He was awarded the hefty settlement in October after Justice Andrew Borrok found that Izmirilian’s company, BML Properties Ltd. proved that 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 Baha Mar project to miss the date for partial opening.
Davis said: “hotels are operating. We got what we want. We have thousands of Bahamians operating in these hotels.”
However, Eyewitness News pressed Davis on any concerns that hoteliers’ jobs of could be hanging in the balance.
OPM Communications Director Latrae Rahming accused reporters of “conflating the issue.”
However, Davis asserted that “the hotels are here. The rooms are here. All could happen is a change in leadership – doesn’t mean that the hotels are going to be closed or jobs are going to be lost.”
