Original Baha Mar developer suing contractor for ‘massive fraud’
The original developer of the much delayed Baha Mar resort in the Bahamas has filed a lawsuit alleging ‘massive fraud’ on the part of China Construction America Inc.
BML Properties Ltd., led by Sarkis Izmirlian is seeking at least $2.25 billion in damages claiming lead contractor China Construction submitted fake bills for work completed to the tune of hundreds of millions of dollars.
CCA also diverted the money for ‘other projects throughout the Americas and Caribbean,’ the lawsuit says.
BML Properties further alleged CCA purposely damaged equipment so as to make fraudulent commercial claims, and intentionally missed the projected 2014 opening date.
"The scheme was based on CCA’s efforts to falsely create the appearance that it was working toward an on time and on budget opening in December 2014 while knowingly and fraudulently concealing its real intent not to construct the Project on time and on budget and in the process extort more money than it earned and was due," the lawsuit said.
That led to bankruptcy and the loss of BML’s $845 million equity investment in the project.
Baha Mar, touted as the largest mega resort project in the region, finally opened its first phase after numerous delays and was acquired by Hong Kong-based Chow Tai Fook Enterprises in 2016.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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