Categorized | National News

Granite Ventures Appeals Rejected Baha Mar Claim

Sarkis Izmirlian’s Granite Ventures Ltd is filing an appeal to continue its claim for Baha Mar against China State Construction Engineering Corporation (CSCEC).

“Granite Ventures Ltd (“Granite”) today reported it has appealed the Bahamian Supreme Court’s denial of Granite’s motion to have pursued the claims filed by Baha Mar Ltd against China State Construction Engineering Corporation (CSCEC) for non-performance and other wrongdoings by its subsidiary CCA Bahamas with respect to Baha Mar,” the company said in a statement.

“These valid claims could represent real value to the Baha Mar estate and their realization, in turn, could benefit Baha Mar’s unsecured creditors. Granite has proposed that the claims be pursued by the Joint Provisional Liquidators, or, alternatively, by a committee of the unsecured creditors.”

In June, Supreme Court Justice Ian Winder dismissed the company’s claim to regain control of a $192 million dispute it has with China State Construction Engineering.

The claim seeks force CSCEC ITS May 12, 2011 guarantee that China Construction America (CCA) would perform all necessary construction obligations.

The action was filed on June 30, 2015 in an UK court – a day after Baha Mar filed for Chapter 11 bankruptcy in a US Supreme Court.

Baha Mar, a multi-billion dollar Cable Beach remains under receivership.

Prime Minister Perry Christie has recently revealed that there are two entities that are interested in purchasing the multi-resort project, which remains 97 percent completed.



Written by Jones Bahamas

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