A
US court has handed down a $1.6 billion verdict against China Construction America (CCA), the US arm of state-owned China State Construction Engineering Corporation. The decision found that CCA engaged in a "sham and shakedown" scheme to defraud BML Properties, led by Sarkis Izmirlian, during the development of the Baha Mar resort in the Bahamas. As a result, Izmirlian's company lost its $845 million investment in the project.
Baha Mar is a 1,000-acre luxury resort on New Providence Island featuring three hotels, residences, a casino, spa, golf course, and various amenities. The project was initially set to open in 2015 but was delayed due to CCA's actions, which were intended to push Izmirlian into bankruptcy.
After the bankruptcy, Hong Kong billionaire Henry Cheng's Chow Tai Fook Enterprises acquired Baha Mar for an undisclosed amount and reopened it in 2017. Izmirlian has stated that his company will proceed with enforcing the judgment in a "thoughtful and prudent manner."
