BML Properties Ltd. Responds to CCA Construction Bankruptcy Filing

NEW YORK -- BML Properties Ltd. today expressed its disappointment in the bankruptcy filing by CCA Construction Inc., formerly known as China Construction America (“CCA”).

“This is just another example of CCA, and its multibillion-dollar parent company China State Construction Engineering Corporation (“CSCEC”) attempting to evade responsibility for its actions by hiding behind a Chapter 11 proceeding,” said Sarkis Izmirlian, chair of BML Properties Ltd. and the original developer of the Baha Mar resort in Nassau, Bahamas.

In October 2024, New York Supreme Court Justice Borrock issued a 74-page ruling against CCA and its affiliates, outlining numerous fraudulent acts and financial mismanagement at the highest levels of the company, specifically in relation to the Baha Mar project. The judgment awarded over $1.6 billion to BML Properties and clearly stated that:

• BMLP proved by clear and convincing evidence that the defendants' multiple fraudulent actions and breaches caused the Baha Mar Project to miss its opening, leading to BMLP’s complete loss of its investment.
• The testimony of the defendants was deemed not credible, contradicting contemporaneous documents presented at trial.
• BMLP presented sufficient evidence to justify piercing the corporate veil.
• The defendant entities were all subsidiaries of one parent company, CSCEC Holding Company, Inc.
• The court found there was clear and convincing evidence that the actions of CCA and its affiliates were a sham and an orchestrated shakedown of Mr. Izmirlian.

“I am confident that both the bankruptcy judge and the New York appellate court will see CCA for what it is, a company fraudulently managed by bad actors. We will take every step necessary to enforce our rights against CCA and all those who orchestrated CCA’s frauds, including its parent CSCEC,” Izmirlian added.