Government says Desarrollos will fight law suit Due diligence ongoing

first_img Seven year courtship culminates in “I do” for RitzCarlton+Turks and Caicos Related Items:crown land ordinance, desarrollos, lexis nexis, mariott, ponzi scheme, walter sipta Turks & Caicos Islands Government Media Statement on Developer Walter Stipa Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, Government was indeed blind-sided by the civil suit filed against the Desarrollos Hotel Group, and said due diligence was performed by multiple government administrations through top rated methodologies. Government is finally speaking out on that law suit involving the Desarrollos Hotelco and its CEO and President, Walter Stipa – the company at the start of the month signed a $224 million hotel agreement with TCIG. In a media statement issued around 3:30pm yesterday, the PNP Administration promised that it takes its governance and anti-corruption responsibilities seriously. “…we have carried out appropriate due diligence works with regards to Mr Stipa’s Desarrollos Hotelco group and their proposals in the TCI. As due diligence is an ongoing process, we continue to request information from Desarrollos and other sources.” The government explained that they are aware of the civil lawsuit and that the Desarrollos Hotel Group is fighting the charges by a Ponzi Schemer that they were in receipt of his $15 million. The administration also shared that, and I quote: “Since 2012, this work has been led by the Government’s Investment Unit using several internationally recognised systems for corroborating and checking investor information, including: Thomson Reuters’ World-Check, a leading global ‘know your customer’ software system; Lexis Nexis’ World Compliance, another leading anti-money laundering, and risk and compliance screening tool. As part of the Government’s due diligence requirements the Desarrollos Hotelco group has also provided corporate documentation to substantiate shareholders and directors.” While it is not clearly stated, it appears the project will move forward. The Administration also said, “the Desarrollos Ritz Carlton development in the TCI is being substantially financed by Marriott, a world leading luxury hotel chain. Marriott too met with the TCI Government to demonstrate their commitment to the success of this five star development. Desarrollos and Marriott have a proven track record of having already developed four successful resorts together in the Caribbean region.” Government also denied that the land for the project in Grace Bay was transferred or leased; the property was publically tendered in accordance with the Crown Land Ordinance. Facebook Twitter Google+LinkedInPinterestWhatsApp David Smith back in court; continues to fight US Extradition Recommended for youlast_img

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