Click Here to Subscribe to E-News Alerts

Bank Calls Receiver in on Dellis Cay PDF  | Print |  E-mail
Friday, 16 October 2009 13:00

For Dellis Cay developer, Dr. Cem Kinay, time has run out. According to a statement released Thursday, Oct. 14, 2009, Trinidad and Tobago Unit Trust Corporation (TTUTC) has appointed a receiver to Dellis Cay.

Dr. Cem Kinay, the CEO of Turks Ltd, and his life long partner Oguz Serim have stated that “We have been struggling with very little cash in hand for the past weeks and have been operating under very difficult trading conditions. We asked TTUTC to consider to provide us emergency funding and an extension of time of 60 days on the unpaid portion of the interest payment that was due on 22nd of August 2009, whilst we make efforts to regularize our financial position and provide a credible restructuring plan with new equity partners, Mandarin Oriental Group, and the existing purchasers. These requests are now rejected.”

While it seems clear that the project is now in the hands of the bank, Dr Kinay says he is not giving up. He stated “This is certainly not the end. I have invested all I have into Turks and Caicos Islands and I don’t have the intention to loose it all. I have been a victim of the Commission of Inquiry. I will continue to promote my projects in Turks and Caicos Islands and I will work on bringing in new potential investors who may be interested to complete the project despite this set back today. I will also continue to defend my reputation at all costs.”

 

 

Related Articles

Entertainment: Your Island Guide


Top things to do in April
Top things to do in April 1. From Golfing to More...
Valentine’s Day Cup 2013 model sailboat races
The Middle Caicos Sailboat Association will once again present the annual model sailboat races at More...
Lime and Tourist Board announce weekly Fish Fry
The Turks & Caicos Tourist Board & LIME partner with Cultural Fish Fry The Turks & Caicos Tourist More...
Turks & Caicos Reef Fun to host dazzling evening
The Turks and Caicos Reef Fund will host its 2nd Annual Cocktail Party Reception on Jan. 26 at the More...
Fashion Glam at Regent Palms
The Regent Palms is inviting everyone to an evening of fashion and glamour at their event being More...

Latest Community News


Cholera Clinical Management Training Held in the TCI
Healthcare professionals from the TCI Health Services were trained in the Clinical Management of More...
Illegal Haitian immigrants Intercepted
Illegal Haitian Immigrants Intercepted, to the Repatriated According to the Ministry of Border More...
Ministry of Health Reminding public about sanitation
Health surveillance teams attached to the Ministry of Health and Human Services (MOHHS) have More...
Scholarship applications now being accepted
The Ministry of Education has announced that they are now accepting applications for scholarships More...
History and traditions stay alive at the 13th annual boat races in Middle Caicos
The 2013 Valentines Day Cup welcomed many fun loving residents and tourists to Middle Caicos’ More...


Ads on: Special HTML