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NASSAU, BAHAMAS – A bundle of documents was filed in the New York Supreme Court in the legal battle between Baha Mar original developer Sarkis Izmirlian and China Construction America, explains the series of developments that eventually led to the developer’s eviction and the sale of the residential property six years ago.
The documents released late last week include dozens of emails, meeting minutes and legal filings from both sides in a $2.25 billion fraud and breach of contract claim against the Chinese government agency.
The founder of Baha Mar and his wealth car BML alleges in court documents that he lost a multi-million dollar investment in the project because of the views of Baha Mar’s lender and contractor to fire him.
Izmirlian said that, among other claims, the main contractor of the apartment building misrepresented the number of workers and managers who would remain working on the project to complete the project on time for the deadline is March 27, 2015, as hundreds of Chinese workers have left the project since December 2014. Izmirlian also insists CCA failed to disclose any conflicts of interest and fees and activities to influence Bahamian government officials, their families, and friends, including the fees and activities of the Board of Directors Notarc.
In addition, Izmirlian claims that the contractor had the opportunity to reduce the work or prevent the opening of the project to paying visitors on March 27, 2015 and contributed to the financial crisis of BML.
CCA Construction has denied that or not CSCEC (Bahamas), Ltd. started, stopped or delayed work on the project. On June 29, 2015, following the commencement of Chapter 11 reorganization proceedings in Delaware, work on the project was suspended until September 2016.
CCA has accused Izmirlian and his vehicle BML Properties failure to maintain and produce accounting records, including most simple billing and expense supporting documents, despite the opportunity to maintain such documents.
CSCEC (Bahamas), Ltd according to legal claims identified at least 635 simple payment transactions worth millions of dollars between January 24, 2011 and January 27, 2015 allegedly failed He verifies that it is an appropriate expenditure for the project. .
Concerned about Baha Mar Ltd.’s flexible payment expenses, the Import-Import Bank of China retained accounting firm Ernst & Young to conduct a flexible payment audit between August 25, 2014 and February 13, 2015.
According to CCA, E&Y sampled 350 invoices from a pool of 16,316 items, showing 10 transactions that occurred “either substantially or not within the BML payment policy”.
It is said that these unfair transactions, in part, increased Baha Mar, Ltd. at a 70/30 loan-to-income ratio that governs the credit facility from the China-Import Bank, and requests additional capital injection from BML. Goods, Ltd.
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