In a landmark decision, BML Properties Ltd. has been awarded over $1.6 billion in its lawsuit against China Construction America (CCA) concerning the Baha Mar project in the Bahamas. The New York Supreme Court ruled in favor of BML, finding that CCA deliberately delayed the opening of the luxury resort in 2015, causing BML’s $845 million investment to be lost, now totaling $1.55 billion with interest.
Sarkis Izmirlian, original developer of Baha Mar, claimed that CCA engaged in intentional work slowdowns and mismanagement, leading to the project’s financial downfall. The court found that CCA breached its agreements and defrauded BML, contributing to the resort’s bankruptcy.
The Baha Mar project, one of the largest real estate developments in the Bahamas, was sold to Hong Kong-based Chow Tai Fook Enterprises after BML was pushed out of the venture. Despite the ruling, CCA plans to appeal the decision.
This ruling marks a significant victory in one of the Bahamas' most high-profile real estate disputes, bringing attention to the challenges that can arise in large-scale development projects.
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