BML Properties has settled all litigation between it and a group of Chinese contractors over the Baha Mar resort in Nassau, Bahamas.
The deal follows a ruling in October last year by a New York State Supreme Court judge ordering the subsidiary of a major Chinese contractor to pay damages of $1.6bn for fraudulently delaying the opening of the resort, thereby causing the developer’s financial collapse.
CCA Construction (formerly known as China Construction America) along with co-defendants CSCEC Bahamas and CCA Bahamas appealed the decision.
The deal has been approved by the US Bankruptcy Court in New Jersey.
Sarkis Izmirlian, chair of BML Properties and the original developer of the Baha Mar resort, stated: “We are pleased to have put this matter behind us and reached a resolution that meets our expectations.”
CCA chairman and chief executive Yan Wei said: “We are pleased that the Court has approved this resolution, which enables us to focus exclusively on our strategy for delivering world-class construction projects and hospitality operations to our customers worldwide.”
- Subscribe here to get stories about construction around the world in your inbox three times a week
Further reading:
