Baha Mar’s original developer Sarkis Izmirlian.
By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
Sarkis Izmirlian yesterday launched a $2.25 billion damages claim against Baha Mar’s main contractor, accusing it of “one of the largest construction-based frauds in this hemisphere”.
The $4.2 billion project’s original developer, in a lawsuit filed in the New York State Supreme Court, alleged that China Construction America (CCA) and its subsidiaries perpetrated a “massive” scheme of “cover up”, “deceit”, “outright sabotage” and lies to both conceal its failures and “extort more money than it earned”.
The action, filed in the name of Mr Izmirlian’s BML Properties vehicle, claims that the Chinese state-owned construction firm deliberately concealed its intention to use Baha Mar as “a massive training exercise” that ultimately doomed the project to failure.
Besides alleging that CCA’s “real intent” was never to complete Baha Mar “on time and on budget”, Mr Izmirlian and BML Properties also claim that it falsified and misrepresented reports on the mega resort’s construction progress and the size of its workforce.
The claim, for breach of contract and fraud, alleges that the Chinese contractor earned “tens of millions, if not hundreds of millions” more than it should as a result of uncorrected defects plus inflated and “sham” billings.
And the lawsuit also details numerous alleged construction defects that, if not caught, would have compromised the health and safety of thousands of tourists, hotel guests and Baha Mar staff (see other articles on Page 1B).
“This case is based on a massive fraudulent scheme devised in 2012 primarily by defendant China Construction America (CCA) to enrich itself at the expense, and to the harm, of plaintiff BML Properties,” Mr Izmirlian alleged.
He added that this ultimately “led to the collapse of the project and the loss of BML Properties’ enormous investment, while CCA and its Chinese affiliates profited”.
“Defendants’ massive fraud is one of the largest construction-based frauds in this hemisphere,” Mr Izmirlian and his company alleged. “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.
“Starting in 2012, as significant ‘out of the ground’ construction began and the first floors above the foundations were constructed, CCA knew it would be unable to build the project on time, on budget and in accordance with the plans and specs because, among other things, it did not have - and would not commit to the project - the qualified workforce or sufficiently senior managers needed to meet its representations and obligations.”
“CCA carried out its scheme by a series of knowingly and intentionally false representations, acts of extortion, material failures to disclose, fraudulent acts of concealment, outright sabotage, and lies to the Government of the Bahamas and the project lender [China Export-Import Bank,” Baha Mar’s original developer continued.
“CCA also knowingly and fraudulently intended, again undisclosed to BML Properties, to use the project as a massive training exercise for its young and inexperienced cadre of workers, which doomed the project to failure, and without regard to its agreements and representations, but all at BML Properties expense......
“Due to CCA’s conduct, BML Properties has incurred in excess of $2.25 billion in damages.”
The lawsuit alleges that Mr Izmirlian and his Lyford Cay-based family have lost their entire $845 million equity investment in Baha Mar as a result of CCA’s actions, which resulted in the failed Chapter 11 bankruptcy protection action, and subsequent provisional liquidation and receivership that ultimately ended with the project’s sale to Chow Tai Fook Enterprises (CTFE).
“As a result of defendants’ acts and omissions, BML Properties lost its entire $845 million equity investment in the project, incurred additional hundreds of millions in losses, and lost its right to all the future benefits of running a world-class multi-billion dollar resort with unparalleled amenities, including luxury hotel rooms and suites, golf, a massive pool and beach area, and the Caribbean’s largest luxury casino, on property that the Government of the Bahamas had originally suggested to Sarkis Izmirlian (an experienced real estate developer and the chairman of Baha Mar) that Baha Mar Ltd acquire and redevelop,” the legal filings claim.
The New York-based lawsuit epitomises Mr Izmirlian’s ‘never say die’ attitude, and his determination to recover his family’s equity investment in the Cable Beach-based mega resort along with damages for the wrongful conduct he believes was committed against him.
However, the action is also a tacit admission that his already-faint hopes of regaining Baha Mar have been dashed. The documents make no mention of seeking to overturn the property’s sale to CTFE, or of any effort to sue the Bahamian government, and some may also interpret the filing as a sign that Mr Izmirlian has run out of patience with the Minnis administration.
While the New York action may be a ‘battle’ solely between Mr Izmirlian and CCA, with no major consequences for Baha Mar and its resort operations, the extent of the allegations against the contractor raises further questions over why the former Christie administration was so eager to go ‘all in’ with the Chinese and side with them against Mr Izmirlian.
Many observers believe the previous government’s desperation to ensure Baha Mar was open, employing thousands of Bahamians before the May 10 general election, led it to act as it did. There have also been suggestions that it feared the awarding of construction-related contracts to family, friends and political supporters, as highlighted by the e-mails of former Cabinet minister, Jerome Fitzgerald, may have been exposed had the Chapter 11 case been allowed to continue.
Regardless, the Baha Mar dispute’s handling remains akin to the ‘spectre of Hamlet’s Ghost’ for the former administration - it just will not go away, and continues to haunt it. One senior attorney, speaking to Tribune Business yesterday on condition of anonymity, also described it as “the gift which keeps on giving”.
They suggested that the pre-trial ‘discovery’ process could produce “very interesting” documents concerning the Christie administration’s Baha Mar actions, and even result in some members of the former government being called to act as witnesses should the matter proceed to trial.
“It’s going to be very interesting, the kind of discovery they’re going to get,” the attorney said. “I wonder if there’s going to be any documents the Government of the Bahamas will have an interest in?
“That’s going to be very interesting. That may have enormous residual fall-out questions against the former government.”
Mr Izmirlian and BML Properties, meanwhile, claimed that CCA and its Bahamian affiliate knew as early as 2012 that they were falling behind schedule and would not complete Baha Mar on time due to an insufficient Chinese labour force.
The contractor, knowing it would be exposed to a multi-million dollar claim for poor workmanship and delays, then allegedly concocted a strategy to ensure the project did not open “before it had in hand 100 per cent, or as near to 100 per cent as possible, of its expected (even if unearned) payment for construction of the project.....
“CCA had to be in a position to force payment even on its fraudulent claims for additional costs or alleged delay,” Mr Izmirlian and his investment vehicle charged, alleging that the contractor knew it “had to cover up the truth about the status of every key element” of its work from 2012 onwards.
“CCA knew that it had to use work stoppages and work slowdowns (in co-operation with its sub-contractors, the bulk of which were also affiliates of CCA’s ultimate parent, China State Construction Engineering Corporation (CSCEC)) to extort commercial settlements before substantial completion,” Baha Mar’s original developer claimed.
“CCA knew later in the project that it had caused and/or would cause well in excess of 242 days of delay, thereby exposing CCA to the contractual maximum amount of $50 million in liquidated damages due Baha Mar Ltd for such delay, and thus the only way to avoid imposition of those damages was to compel BML Properties (through fraudulent and extortionate means) to negotiate before any back-charge for the liquidated damages would be taken (at the earliest in January 2015).”
Mr Izmirlian branded CCA’s November 2014 promise of “a massive influx of workers” to complete Baha Mar by March 27, 2015, as ‘a big lie’.
He claimed that CCA, having realised as early as 2012 that it would not hit the original December 2014 opening date, had decided “to squeeze every dime out of the” $2.45 billion loan from China Export-Import Bank that was financing Baha Mar’s construction.
Accusing CCA of putting its narrow financial interests first, Mr Izmirlian alleged: “Accordingly, CCA’s entirely undisclosed and fraudulent intent in 2012 and thereafter included a plan to delay ‘opening’ of the project until it could negotiate its way out of the disputes it knew would arise, and concerning which it believed it had material exposure.
“CCA never intended to achieve the interim milestones and overall completion date(s) it represented after 2012 that it would achieve, over and over again, and intended to hide for as long as it could its inability to achieve those milestones and its disregard for whether it could or could not achieve those milestones.”
Mr Izmirlian argued that CCA’s alleged misrepresentations prevented the developer from taking action to remedy the construction woes, and he further claimed: “As the project moved into late 2014 and early 2015, CCA as well undertook to sabotage forward progress of the work, intentionally damage and disable life-safety, security and electrical supply systems to try to compel BML Properties and Baha Mar Ltd to accede to its demands on sham payment applications and on fraudulent ‘commercial claims’; stage labour walk-offs when it was already critically delayed in delivering the project; intentionally slow-down work at the project (a fact admitted by CCA’s executive at a meeting with the then-Prime Minister of the Bahamas in April 2015); and divert equipment and executive and labour effort to its newly purchased competing project just a few miles from the front door of Baha Mar.”
The original developer branded the process by which Baha Mar was sold to CTFE as “secretive and suspect”, given that all details remain sealed by the Supreme Court at the China Export-Import Bank’s request.
And Mr Izmirlian also described the $145 million ‘remobilisation’ fee paid to CCA to complete the project’s construction as a “bail out”, given that much of the equipment, materials and manpower required were still in the Bahamas at the contractor’s The Pointe project, adjacent to the British Colonial Hilton.
Comments
jackbnimble 6 years, 11 months ago
Don't blame him. Biggest fraud in the whole hemisphere. Get em' Izzy!
stillwaters 6 years, 11 months ago
I really hope he gets his money back. We can't be robbing investors this way.
Well_mudda_take_sic 6 years, 11 months ago
And so it begins.....
John2 6 years, 11 months ago
Way to go Izzy ......$845 million in equity is a lot to loose. expose the plunderers. The Bahamas may be a third world country but investors here should receive first world treatment and get first world results free of corruption
watcher 6 years, 11 months ago
Dis gon be gud
stillwaters 6 years, 11 months ago
You gat ya popcorn?
sheeprunner12 6 years, 11 months ago
Will Minnis intervene???????? ........... CCA is no longer in the Bahamar picture ...... The Fooks own the monster ............ So, let us sit back, relax and watch the US saga unfold ...... In the meantime The Pointe is still with CCA ........... We have to free ourselves of this CCA mess.
Gotoutintime 6 years, 11 months ago
Any possible Foreign Investor who has knowledge of the subject lawsuit will never, ever invest in the Bahamas--You can't blame them!
proudloudandfnm 6 years, 11 months ago
The PLP werr bought and paid for. Ryan whatever his last name is was clear when Bahamar filed chapter 11. He said accepting it was the fastest, best way to ensure Bahamar opened fully and in as quick a time as possible. If he could have made that statement on Facebook I have no doubt Perry received that exact advise from all of his legal counsel. Unfortunately Perry ignored that sage advice and fought the fling in a Bahamian court. So to me its obvious. Perry was bought by CCA....
It is also obvious to me that Perry is a traitor...
SP 6 years, 11 months ago
Don't give the dancing clown all credit, the one-man band is an equally involved traitor!
OldFort2012 6 years, 11 months ago
From the comments above, one can see that no one here has understood a thing (much like Sarkis himself).
First, the suit is against CCA and has nothing to do with the Bahamas, so there will be no impact on the Bahamas whatsoever, reputationally or in any other way, unless they prove collusion with the Christie government, which he is not even alleging in the suit.
Second, he is seeking damages, not the return of the project. So nothing will change for Baha Mar.
Third...and this is the funniest: he is suing a 100% Chinese state owned company with minimal assets in the USA, in the USA. Even if he wins (highly unlikely), who is going to make the Chinese pay? Exactly, no one.
Pointless.
sheeprunner12 6 years, 11 months ago
What does CCA own in assets outside of China???? .......... Well if Izzie wins his case, then move to freeze all of CCA assets (including The Pointe) and then Izzie can get his moneys back ........ The Pointe????????
OldFort2012 6 years, 11 months ago
Because if he wins a suit in USA he immediately gets property in the Bahamas????
I see you have given up pretending we are a separate country and jurisdiction.
banker 6 years, 11 months ago
CCA owns Plaza Construction in the US. When the deal was done in 2015, CCA in the US had estimated assets of $2 billion. Since then Plaza alone, does over a billion a year in construction, including high rises and bridges etc. CCA US assets, work in progress and funds held in America run around $5 billion. Freezing the funds of Plaza alone, which is a wholly owned subsidiary of CCA can pay off Izmilian. There is a damn good chance of Izmirlian winning. They can specifically go at CCA with 15 U.S.C. § 78m, the Accounting provisions under the Foreign Corrupt Services Act. All they have to do is requisition the books. It doesn't matter if the work is in the Bahamas, if the company wants to work in the USA, which it does, it cannot break any laws. This is a masterful stroke by Izmirlian's legal team.
OldFort2012 6 years, 11 months ago
C'mon Banker, you know better than that. What assets does it hold? A few machines and construction equipment. All liquid assets can be moved at the press of a button and will be if not already done. Future cashflow is future cashflow...it does not exist now. I am quite sure that Trump is not going to go balls deep into a fight with China over an Izmirlian. Who gives a toss about him?
banker 6 years, 11 months ago
Pardon me sir, but your ignorance is showing. Please don't try to defend an erroneous statement that you made off the top of your head. CCA has ASSETS over $5 billion in the States. ASSETS means available for seizure and monetizing. Plaza Construction alone is a 31 year old company bought by CCA in 2013 from the Fisher Brothers (private sale estimated over a billion dollars and closer to two). According to my Bloomberg terminal, their CEO Richard Wood was paid an aggregate salary of $5 million this year. They did 11 Times Square construction retaining a piece of equity for their participation. They actively own an engineering and consulting firm and they acquire development properties for the Witkoff group. Because CCA is a foreign company, asset transfer domiciled in the US requires regulatory approval with the Committee on Foreign Investment in the U.S. Last year the turnover alone on Plaza was $2 billion with over 18 million square feet under development. And that is just Plaza. Don't forget that CCA is an entity belonging to CCEC and that is owned by EXIM bank which has liens on assets in the US totaling over $50 billion. CCA itself advertises its investment arm in the United States owning equity in New York real estate as well as financing projects like bridges, dams and high end residential developments. Between the two companies (CCA & Plaza) there is close to $8 billion in the states that can be attached by the courts (full disclosure -- my estimates) and when you go up the corporate ladder in their ownership that is domiciled in the United States, they could cover a $2 billion loss to Sarkis easily, either voluntarily or ordered by the courts. Please do your research before making erroneous armchair-quarterback statements.
Honestman 6 years, 11 months ago
Thanks for this Banker. You are always well informed.
OldFort2012 6 years, 10 months ago
Or not...
OldFort2012 6 years, 10 months ago
OK, without insults, because neither am I ignorant, nor do I think you are: CCA is a fully owned subsidiary of CSCEC and as such does not publish a separate balance sheet that I can find, nor is there one on Bloomberg. You might recall that ASSETS are equal to LIABILITIES. So ASSETS are not what is available for seizure because assets are pledged in return for financing (liabilities).
The way ALL Chinese State owned companies operate is that they borrow funds from state owned banks for operations (at exorbitant interest rates, might I add) and this is how the state directly controls and directs their expansion abilities and opportunities in foreign markets. And mainly it enables them to invest the vast surplus of $ they have as a result of their trade surplus, rather than just buying US treasuries. I think you will agree with this. Therefore what is "available" for seizure is probably next to nothing as unpledged assets are likely to be minimal. Most, if not all "shareholder equity" in this company (CCA) is likely to be in the form of goodwill. Now, let us assume that the courts look through all structures in place (of which there are many, no doubt) and all mortgages in place. The result would be such a scandal in China that it would have vast political ramifications. You will say that the judiciary in the USA is totally independent of the executive. And it is. Up to a point. And that point is a serious breakdown in foreign relations. And all this is going to happen over a Sarkis, whatever that might be? No, it is not.
banker 6 years, 10 months ago
If you have a real Bloomberg terminal ($15,000 a month - which my employer pays for), navigate to the Chinese stock exchange documents tab run by Chinese Daily Securities publications, pay the $145 and get the latest annual shareholders report for CECC. In the English translation on page 125, you will find out the liabilities of CCA to CECC. Then further down on page 151, you will see the bonds from CCA that CECC holds. Then further down, you will see long term equity investments CCA (notes to financial statement, page 228) you will see the figure 40 billion RMB which is about 6 billion USD.
Please spend the money to educate yourself.
OldFort2012 6 years, 10 months ago
LOL. I have had a "real" Bloomberg terminal since 1991 (which I pay for myself) and have known Michael since '78. So, I think I can manage. But it seems it will take a greater investment on your part to civilize your language.
Truism 6 years, 11 months ago
In this country the art of barking at print has been perfected. Reading the commentary after having read the article one can only conclude the the commentators are referencing some other story. SAD...
sheeprunner12 6 years, 11 months ago
OK ......... so what did we miss?????? ....... that CCA defrauded Izzie through breach of contract by deception?????? .......... Educate us, please!!!!!
Izzie must try and recoup some of his losses ....... Can he sue Perry dem???? .......... Can Izzie get The Pointe in exchange for Bahamar?????? ...... Or is he just cutting his Bahamian losses and hoping to get something back and moving on?????? ........ Or is he trying to pull a Trump and embarrass the Chinese Government crooks????? ........... Watsayu?????
yari 6 years, 11 months ago
I am so with you here. Between Truism and OldFort2012 it seems he should just lie down and let them walk on him. He may have enough evidence to prevail.
hrysippus 6 years, 11 months ago
The mistake made by Sarkis Izmirlian, .......... ..... Was trusting a plp Bahamian. ............. ... ... They've been crooked since Pindling, .... .. .. Perfected the black art of swindling, ....... ..... ..... Taking the investor to the brink,,.... ....... ..... Throwing him in to let him sink,. .. ........... ... While Watching his invested asset dwindling.
yari 6 years, 11 months ago
Did OldFort2012 read the same comments as I did? Where did anyone say Bahamar would be affected or Izmirlian was seeking the return of the resort? You may just lie down and let others walk on you but if this suit forewarns others of the perils of dealing with C.C.A. all is not in vain.
SP 6 years, 11 months ago
Sarkis Izmirlian was doomed to fail with the Chinese "sweet lies" in collusion with Perry Christie's gang of pirates!
Majority of Bahamians are solidly on Izmirlians side! The questions that come to mind are, what took Sarkis team so long? and why didn't he appeal to the Privy Council instead?
I pray that dancing clown Perry Christie and any of his pirates caught in wrongdoings are brought to justice and properly punished accordingly just as anyone else would be!
realitycheck242 6 years, 11 months ago
CCA has been in the USA for 28 years and has never won a federal government contract .....ever wonder why ....things that make you go hummm .....see video !https://www.cnbc.com/id/100758226
John 6 years, 11 months ago
The lawsuit is very well drafted. It specifically targets China Construction America as the respondent then goes on to clearing set out its claims and requests for damages ($2 Billion ). The lawsuit doesn’t try to put a lien on the Bah Mar property and Izmirlian was ‘a kind gentleman ‘ in that he allowed the property to be completed and almost fully open before filing his claim. And so the legal battle, at least in the first instance, is between him and CCA. And, of course since CCA and China ExIm Bank are virtually the same company, if Izmirlian prevails in his claim in the first instance, it is also a judgment against China ExIM Bank. And, of course, by not naming The Bahamas Government or any individual as party to the lawsuit, Izmirlian demonstrates that his claim is not one of vengeance, but he is only seeking to be compensated for the damages done to him. He also leaves the door for future development in the Bahamas open and does not burn this bridge behind him. This is smart in the sense that if he prevails in his claim against CCA, the Pointe Development and the adjacent British Colonial Hotel can be some of the assets seized to settle the claim. The mere fact that such a huge and significant lawsuit was allowed to be filed in a New York court against CCA will already have impact against the company, since no right thinking individual or corporation would want to engage this company (CCA). When there is a possibility of a ruling against them and their assets could be seized in the middle of a project. Of course it will be interesting to see what CCA files in response to this lawsuit and if they will even file a counterclaim.
OldFort2012 6 years, 11 months ago
Do pray tell: how is any ruling in the USA going to affect any property outside the USA, which, last time I checked, we still are. It would have to be subject of a completely different action in Bahamian Courts. For your information, any lawsuit can be filed by anyone for anything in a USA court. They do not enter into its merits till pre trial motions. Have you not watched The Good Wife?
DillyTree 6 years, 11 months ago
A judgment in the US can be lodged within the Bahamas and assets claimed. Doesn't mean they can get them. But as Banker points out, CCA certainly does have significant assets in the US, so Mr. Izmirlian certainly does stand to gain if he can prove the fraud -- which shouldn't be too hard to do.
killemwitdakno 6 years, 11 months ago
Wow. The construction company sabotaged a mega resort bc it would compete with their puny Pointe.
killemwitdakno 6 years, 11 months ago
No way they could have brought more Chinese on permits after the 2k. Should have hired more Bahamians from 2012. But anyway, I hope he does get his money back. I bet he'll still build or buy another Bahamian hotel.
killemwitdakno 6 years, 11 months ago
Who gets rights to the movie?
John 6 years, 11 months ago
For the record we CCA is an international company with its parent company China Construction and Engineering Company registered in the state of New Jersey, USA. Are you familiar with the ongoing fraud case with Michael Turner where US courts were trying to seize properties he owned in the Bahamas. But (to your credit) Bahamian courts stepped in and the properties were purchased with funds defrauded from The Bahamian Butler Family (that includes Loretta Butler Turner) and others and so the properties rightfully belong to them. And there are properties in the Bahamas occupied by US government personnel that were seized by US courts as proceeds from drug trafficking. So it’s not whether the US courts have jurisdiction it is whether or not CCA will still have possession of the property and whether or not there will be some other claim to the property.
OldFort2012 6 years, 11 months ago
Are you on drugs? Properties in the Bahamas were seized by US courts?
Not even by accident. Properties in the Bahamas can only be seized by Bahamian Courts. A US court can ask a Bahamian one to seize something, but that is all that they can do: ask. No US decision is automatically enforceable here.
TheMadHatter 6 years, 11 months ago
John is correct and Oldfort may be forgetting where our food comes from :-)
I predict that The Donald himself will get involved (no stranger to Bah real estate, having experience in P.I.). I told my political associates last year October that if Trump won the election, the Hilton, Pointe, and BahaMar would ALL be out of Chinese control in less than three years. The election was over a year ago. Just two more short years to go.
China is going down, people. Pop the popcorn.
OldFort2012 6 years, 11 months ago
I thought our food came from the supermarket.
ohdrap4 6 years, 11 months ago
mine comes from bamsi
yes, we have bananas
Sickened 6 years, 11 months ago
I can't survive on Bamsi (I mean Bananas) alone!
Proguing 6 years, 11 months ago
Who said this in New York a few years ago:
“It became quickly apparent during the selection process that one organization stood out above all the others, China State Construction and Engineering Corporation. This is because they saw Baha Mar for what it is: a unique world-class resort that they could build, and in the process, showcase to the world China State’s ability to deliver an intricately designed, and complex, resort metropolis on a somewhat remote island in the Caribbean.
“China Construction America intuitively understood the value of Baha Mar to The Bahamas but equally as important they understood the enormous value to their parent company as well as their home country.
“Building a resort project on an island so far from the shores of China is further visible proof – if it were even needed – that China State can and will deliver logistically challenging projects anywhere in the world and on whatever type of project, no matter how ambitious or complex.”
Yep, the man himself.
He also filed a lawsuit against Harrah’s who pulled out in 2008 of the same project, which was dismissed by a New York judge in early 2010.
It must be good to be one of his many attorneys...
TheMadHatter 6 years, 11 months ago
Funny guys. USA of course. Anyway, much respect to you both. We may disagree sometimes, but all of you are much appreciated. That's how we figure out things; with everyone's ideas at the table.
Rest assured...China is going down. The Illuminati has so ordered, and Trump is following their orders. China cannot win against the combined team of USA & Russia. Nevermind these silly little Russian sanctions. Just for show. You will see evidence by March.
John 6 years, 11 months ago
One of the most obvious reasons that Sarkis Izmirlian did not name any Bahamian or The Bahamas Government as party to his lawsuit is to avoid even the most chance of his lawsuit being referred back to Bahamian courts. The Bahamas certainly does not have the personnel or other assets to deal with this lawsuit effectively or efficiently. But when it comes down to the penalty phase or seeking relief the US courts have the powers to reach out internationally and request that the assets of a company be seized. Unless, of course, the offending company has specific protection of their assets in that country, or the country itself has a specific law protecting the assets of a company operating in that country or does not have an agreement with the US or other countries that facilitate the seizure of assets. But in the case of fraud as is the premise on which this case is built, the plaintiff also has the right to look to the parent company China Construction and Engineering for relief if CCA fails to satisfy the judgment of the courts. Remember American law is based on precedents, unlike British Common Law and so the judge will have to review cases prior to BML Properties vs China Construction America before making his ruling.
OldFort2012 6 years, 11 months ago
John, please refrain from commenting on things you know absolutely zero about. You just expose your massive ignorance for everyone to see: 1. There is no such thing as "British" law. It is English Law or Scottish Law. No others. 2. English common law is the mother and father of precedent. It existed for about 300 years before anyone even set foot in the Americas. Do you think the Americans invented their legal system? Did they shit. They just copied English Law, which is entirely based on precedent. Which is hardly surprising since they applied English law for over a century in their courts before Independence.
Back to school for you.
John 6 years, 11 months ago
And if you review the case with Atlantis, Sol Kerzner lost Atlantis to settle a debt on properties located in Dubai, not the Bahamas. The Bahamas Atlantis was always profitable and always solvent.
Alex_Charles 6 years, 11 months ago
sue their asses!
bogart 6 years, 11 months ago
Disappointed that in the interest of the sovereign nation no Commission of Inquiry has ever been initiated when mega investment projects utitizing the sweat and tears and birthright of the 375,000 Bahamian people has undergone massive change. We have had the 4.9 billion Ginn project in West End, Grand Bahama wiith hundreds of acres pf the peoples birthright etc, the 175 million Atlantis restructuring of 175 million plus with ownership chamging from one dymamic visionary ownert with most favoroured nation status concrssions to Beaverbrook and then the BahaMar disaster again woth hundreds of acres of our birthright and still no Commission of Inquiry. Arent we the people whose birthright it is and whose time it is ever deserving of a thorough Commission of Inquiry??? 40 Members of Parliament should not be the only ones in the know and noone held accountable. Still waiting fot the Bank of the Bahamas just chaired by the former auditor general to be examined by thd current auditor general!!!
Craig 6 years, 11 months ago
At the very least this law suit will, should Sarkis prevails or not, put a big dent into CCA's grand plans to become a major player in construction and development in this part of the world. Also, the worst kept secret on that construction site was that the workmen were not skilled and actively learning on the job!!
banker 6 years, 10 months ago
Here is an interesting thought experiment -- pure speculation, but interesting nonetheless. Suppose Sarkis proves in an American court that fraud was committed. It establishes a legal precedent of fraud with Baha Mar and CCA. Now with that precedent established, could not a case could be made against Perry Christie and Allyson Maynard Gibson that they willingly participated, aided and abetted the fraudulent behaviour of CCA and helped CCA illegally gain Baha Mar. Could not that precedent be used as proof for a Bahamian lawsuit against Perry Christie and the PLP (Putrid Lecherous Pricks) for aiding and abetting a fraud? Not sure it could happen, but there oughta be some retribution somehow for what the PLP did to the country.
ashley14 6 years, 10 months ago
There is so much bad karma in these business deals, they are sentenced to failure. I truly believe you get what you deserve. These businesses should be thriving and at the top of their game, and I keep reading more and more scandal. One day this week the Ellen show gave her whole audience 5 nights at BahaMar, these are people with a reasonable amount of money. What a chance for advertising. If all of these people came and returned and told their friends about what fun. Well it wouldn't take long, but what I hear is they come and wouldn't come back. Why? It's a wonderful place, behind the bull.
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