The Receivershipof Dellis Cay through Unit Trust Cooperation of Trinidad& Tobago
TTUTC is a financial services company (“the Bank”) operating in Trinidad and Tobago. The Bank’s Merchant Banking department undertakes the origination, structuring, marketing and public pricing of public offerings and private placements of equity-related securities as well as debt securities for local and regional corporations, institutions and regional governments.
Despite my attempts to cooperate and assist the Bank to understand the issues surrounding the leak of the unredacted report, and the issues surrounding Turks Development Ltd, which has made the political contribution to the ex-Premier Missick on Jan 2007, and the political risks associated with Turks Ltd, The Bank has changed its position vis-à-vis the Company, its directors, despite a strong letter of comfort that it had provided.
On 27 August 2009, I have met the Bank’s Board in their Board Room, in Trinidad. They asked about the Commission of Inquiry in Turks and Caicos Islands and whether the Bank’s funds were used for political donation. We have responded that the political contribution in question was made on January 2007, well before any relation with the Bank. Furthermore, we have provided a plan and additional security to the TTUTC.
As a result of the Governor’s and Bank’s negligence, we have suffered loss and damage and as result, on 15 October 2009, a Receiver was appointed by the Bank.
To date, $174 million has been spent on Dellis Cay . The development has gone into receivership due largely to the adverse publicity generated by the unlawful publication of the complete (unredacted) version of the final report of the TCI Commission of Inquiry.
I had provided the funding bank, TTUTC a personal guarantee for the entire loan. On 22nd of January TTUTC has obtained “a worldwide freezing order/mareva with an ancillary disclosure of assets order” from the Supreme Court of Turks and Caicos Islands against me and my partner Oguz Serim. Since that date, proceedings continue. We have filed a counter claim against TTUTC, for the breach of confidentiality that caused our collapse, as their lawyers spread the word that they will put our company in receivership, well before the action was taken by them.
On January 2011, the Court has issued a Mareva Injunction against me and my partner. We have still this injunction.
I have appealed the decision on March 2011. To date the appeal is not heard.More as 10 years are gone without any progress.
Since the receivership of my companies, I could fund my personal expenses, and my legal costs from the proceeds of the sale of my personal house in Miami. The proceeds of the sale were placed in escrow by the order of the Court and I could only use it by the order of the same.
The funds through sale of lots, villas or residences on Dellis Cay NEVER have been wired directly to the accounts of our company. The purchasers paid their installments into accounts of the TTUTC! TTUTC sent the funds after confirmation of their quantity survey to the construction company.
In the last months before receivership TTUTC stopped the wire transfers for progress of the construction works.
Publishing of unredacted report of Inquiry and following negligence of the TTUTC has brought the owner company of Dellis Cay in receivership.
Me, my partner and purchasers of Dellis Cay have lost all of their assets.
All the years after receivership all of our actions to find a solution with TTUTC and to continue with construction of Dellis Cay were without any result.
TTUTC has ignored any contact.
TTUTC has destroyed our and purchasers assets.
12 years after receivership I am appealing for just and progress.
I am calling on Premier Hon. Washington Missick, Deputy Premier EJ Saunders and His Excellency the Governor Nigel Dakin to stop any transaction because of unlawful sale of my property and make me and my partners and purchasers a part of a solution for this development.
I am publishing one of several letters to TTUTC (the last one )
Dr CEM KINAY
Wednesday, December 23, 2020
Mr. Nigel Edwards Executive Director TTUTC
RE: DELLIS CAY
Dear Mr. Edwards
I hope that this letter finds you well. We have never met. I am Dr. Cem Kinay, the founder of Turks Ltd, the company that has being developing Mandarin Oriental Dellis Cay at Turks and Caicos Islands until our business ran into difficulties due to the political crisis in the Turks and Caicos Islands back in 2009, some 11 years ago. I believe that the circumstances are very different now and there may be a possibility to continue to the development of my beloved project.
I am contacting you in order to communicate to you that I have investors interested to acquire Dellis Cay and in this regard, I would appreciate if you could provide my investors an opportunity to understand the current conditions for sale for this property that is in your possession.
It has been my effort to save Dellis Cay for many years, and I hope this time my investors can meet your requirements. My aim is to complete Dellis Cay as soon as possible
My investors and I are the best suited people to carry on this development, as we have the knowledge, experience, how to build on that island at affordable budgets. I don’t expect any other party to be able to deliver the same construction quality, speed, and cost within a short time-frame, i.e. 15 months from the commencement of construction once we are all ready to commence Dellis Cay.
I have decided to approach you personally as I believe you can place me at the right direction.
Statement of Dr. Cem Kinay on Dellis Cay and Joe Grant
I understand from Turks and Caicos Islands sources Slot Bet Rendah that Dellis Cay, our private island development is under offer.
Since 2009, I have Slot Gacor Maxwin been living stripped of my basic human rights and my assets in Turks and Caicos Islands. It has been 13 years since my name was leaked in an unredacted Commission of Inquiry report in 2008, and
10 years since a TCI Court has Slot Pragmatic concluded we obtained benefits because of a perfectly legal political donation to Hon. Michael Misick, then the Premier.
As a Slot Bet Kecil result of allegations, Trinidad Tobago Unit Trust Corporation has appointed a receiver to Dellis Cay and placed our land for sale back in 20009.
Then, only 200 acres of Joe Grant Cay which Slot Maxwin we acquired for 3.2 million at an alleged “undervalue” with the approval of TCI Governor Richard Tauwhare is sold for 4.04 million for whole island, to private investors back in 2013.
The allegations Slot Bet Kecil 100 that Joe Grant Cay was worth much more than what we paid for, proved to be completely rootless.
The TCI courts did not admit our expert witness statements, valuations, and our appeals were not heard. This transaction is unlawful, and we will go in 2022 to Human Rights Court for this unlawful transaction.
In fact, there was no “favor” from anyone for any of my developments in TCI. I have been simply victimized by politics. My assets were frozen, and hundreds of people lost their jobs. A Slot Gacor Hari Ini lot of villa and residence purchasers lost their assets too.
I will Slot Maxwin continue my legal actions for Dellis Cay as any cost and will not leave this private island which I have paid my hard-earned funds to acquire from its private owner in 2005. I have spent years planning, designing, organizing, and attracting internationally repute designers,
like Zaha Hadid, Piero Lissoni, Shigeru Ban, Kengo Kuma, David Chipperfield, Carl Ettensperger, Chad Oppenheim, hotel operators like Mandarin Oriental Hotels and Bulgari Hotels, as RTP Slot Tertinggi well as customers for this development and
I will not let it go.
I am calling on Premier Hon. Washington Missick, Deputy Premier EJ Saunders and His Excellency the Governor, Nigel Dakin to stop any RTP Live transaction because of unlawful sale of my property and make me and my partners and purchasers a part of the solution for this development.
On 10 July 2008 the Governor of the Turks & Caicos islands appointed Sir Robin Auld to conduct an Inquiry into possible corruption or other serious dishonesty in recent years of past and present elected members of the legislature. Public hearings were held in the course of January and February of this year. There were 20 counts of allegations against Mr. Misick, who resigned due to those various allegations.
Most of the existing developers in the Turks and Caicos Islands were also mentioned during the Commission’s work. In the course of the hearings, among many other developers, and questions, It was put to politicians that Joe Grant Cay has been sold to me in June 2008 and my partners at an undervalue and that a political donation of US$500,000 in January 2007, made by myself shortly before an early election called by the Premier Michael Misick , was a bribe connected with negotiations that were underway at that time in connection with the purchase of Joe Grant’s Cay.
No request was ever made by the Inquiry to me to give evidence, but nonetheless wrote to the Inquiry setting with an expression of my concern to allegations in circumstances which were grossly unfair and a breach of the principles of natural justice.
Furthermore, I have made preparations with our UK lawyers for any possible investigation concerning the valuation of this property together with the details of the political contribution. In that respect: We have finalized with CB Richard Ellis, Savills of UK , Ernst & Young as well as local appraisers such as CASL, BCQS, and Concept Plus, numerous valuation reports of Joe Grant Cay as of June 30, 2008. We have collected evidence, and records of the political contribution made in Jan 2007, including confirmation letters from our banks, that demonstrate that the contribution was in fact no secret, and could not be construed as a bribe. It is perfectly legal to make political donations in the Turks and Caicos Islands.
The Judicial Review
Against the risk of being named in the Auld Report, we have asked the High Court of Turks and Caicos Islands to Judicially Review the Final Report, and deal with any mention of Joe Grant Cay, and Dellis Cay and myself, if any.
The Supreme Court of Turks and Caicos Islands called for the removal of any adverse reference to me or my companies from the Final Report of the Turks and Caicos Islands Commission of Inquiry. In his ruling, His Lordship the Chief Justice of the Turks and Caicos Supreme Court, Gordon Ward OBE agreed with my counsel, Clare Montgomery QC, that there was a “clear and almost total failure by the Commission to follow its own procedures.”
The Chief Justice in his Judgment stated that I have not been given a fair hearing:
“I am satisfied that Dr. Kinay has not been given a fair hearing and that
even the limited terms of the Salmon letter do not remedy the earlier
errors. He had a legitimate expectation that the Commission would follow
its own procedures in respect of a person considered to be implicated and
it failed to do so.
The final allegations did not arise from the evidence to
which he replied on 30 January 2009 and he had no indication that further
allegations would be raised against him entirely without notice. “
“The Commission clearly has the right to recommend that there be further
investigation of a named person but the manner in which the reasons for
any such recommendation were obtained and presented to the public
hearing were so clearly in breach of the recognised standards of fairness
that they must be ultra vires the Commission’s powers. If included in the
Final Report, they should not be published or mentioned in any statements
about the case.”
The Public Leak
Early on Saturday July 18th 2009, the Turks and Caicos Commission of Inquiry
published a redacted version of Sir Robin Auld’s Final Report. The purpose of
redacting the report insofar as it related to Dr. Kinay was to remove adverse
references to me and my companies. However, as His Excellency the Governor
later acknowledged, it became apparent that it was possible to access the
unredacted text and I asked him to take steps to have the Final Report removed
from the Commission’s website.
By July 21st, 2009 it had become apparent that the unredacted report was widely
available. In response to evidence of that and an application by Turks and Caicos
Weekly News and WIV Channel 4 News Dr. Kinay did not seek the continuation
of the injunction. It was accepted that Dr. Kinay was an innocent victim of the
disclosure of the unredacted report. Those adverse references had been made
unfairly. Regrettably they have now been given publicity. That does not make
them fair when they are not.
We have also received a letter from the Attorney General of Turks and Caicos
Islands,. The letter expresses the Governor’s regrets with his unreserved apologies
to Dr Cem Kinay, director of Turks Ltd. The Governor’s apology relates to the
discovery of the possibility of uncovering the redacted parts of the TCI
Commission of Inquiry Final Report which was posted on the Commission’s
website early on Saturday July 18th 2009. The purpose of redacting the report
insofar as it related to Dr. Kinay was to remove adverse references to Dr Kinay
and his companies. The Chief Justice had found on June 18th, 2009 that the
adverse findings made against Dr. Kinay were unlawful and that it is unlawful for
Dellis Cay is a pristine island situated in the Turks and Caicos Islands, a British Overseas Territory. It is a 20 minute boat ride from the main island of Providenciales and next to Parrot Cay.
Dellis Cay would be the most spoken project worldwide with an investment of one billion USD and would be home for around 100 families from around the world and around 1000 TCI people would get a job at world best hotel company Mandarin Oriental .
I am sure Dellis Cay ,when would be completed and opened in 2010 ,would change the whole destiny of Turks and Caicos Island.
I have today still the same belief.My involvement in the TCI dates from early 2005 at which time I was seeking development opportunities for the development company, the O Property Collection Gmbh, Austria which was also owned beneficially by the Austrian Foundations. The aim of O Property Collection was to leverage my and my partner Oguz Serim’s successful background in luxury resort development and management. We are highly regarded in that industry. I was introduced to Donatella Zignone Dini, then the owner of Dellis Cay, a private island of 560 acres of which 220 acres were privately owned by one of her companies Dellis Cay Development Company Ltd (DCDC), and the remaining 340 acres TCIG owned in the Turks and Caicos Islands. As of 30 June 2005, Dellis Cay had no Development Agreement, therefore no zoning, no permits, no water, some roads, and an underground electricity line passing through the island. Turks Ltd bought the island for US$18 million.
I have on November 2006 signed a management and branding agreement with Mandarin Oriental Hotel Group for the branding and management of Dellis Cay.
I have hired for this exceptional development worlds best and well known architects, design partners.
SHIGERU BAN
PARIS, FRANCE / TOKYO, JAPAN
Shigeru Ban, born in Tokyo, studied at the Southern California Institute of Architecture from 1977 to 1980, and graduated from the Cooper Union School of Architecture in 1984. He was apprenticed in the studios of Arata Isozaki from 1982-83 and in 1985 he opened his own studios in Tokyo. In 1996 he was awarded the Kansai Architect Grand Prize and the first prize in the Mainichi Design Award. Ban is known for his research into the use of economic materials, especially Paper Tube structure. His recent projects include the Japanese Pavilion at Expo 2000, and the New Pompidou Centre in Metz, France. He also worked for the UNHCR to develop refugee’s shelters in Rwanda and disaster relief houses after earthquakes in Kobe (1995), Turkey (1999), India (2001) and the Tsunami in Sri Lanka (2004).
Ban would undertake the construction of the Caribbean’s first true over-the-water villas in Dellis Cay’s “South Beach” Lifestyle Zone. Each villa would l be divided into a main villa located on the beach and a floating house that will be entirely surrounded by water and linked to the beach by a discreet floating deck. Ban would also design one of the “The West Beach Estates,” located at the most desirable location on Dellis Cay and enjoying the longest beachfront and the largest villas. A sparsely developed Lifestyle Zone with most of the natural vegetation of the cay intact, the West Beach Estates will offer magnificent views of the reef located just offshore.
DAVID CHIPPERFIELD
LONDON, UK
David Chipperfield trained at the Architectural Association in London and worked for Douglas Stephen, Richard Rogers and Norman Foster. He was a founding member and director of the 9H Gallery and a trustee of the Architecture Foundation. He is currently Professor of Architecture at the Staatliche Akademie der Bildenden Künste in Stuttgart. David Chipperfield Architects was established in 1984, and has since undertaken work in Europe, Japan and the US. In 1997, Chipperfield won a major competition to redevelop the Neues Museum, one of the most important public buildings in Berlin, involving its reconstruction and re-interpretation as a historical monument. In 1999, he was awarded the Tessenow Gold Medal, and in 2004 he was appointed Commander of the Order of the British Empire (CBE) for services to architecture.
David Chipperfield Architects would be responsible for design and development of the “North Beach” Lifestyle Zone at Dellis Cay. The North Beach development lies on a natural peninsula, enjoying spectacular views of both the neighboring island of Parrot Cay to the north and the island’s mangrove interior to the south. David Chipperfield Architects would develop modern luxury villas, each with at least 150 feet of ocean frontage affording direct access to the channel that connects Dellis Cay and Parrot Cay.
Chipperfield would also design one of the “The West Beach Estates,” located at the most desirable location on Dellis Cay and enjoying the longest beachfront and the largest villas. A sparsely developed Lifestyle Zone with most of the natural vegetation of the cay intact, the West Beach Estates will offer magnificent views of the reef located just offshore.
CARL ETTENSPERGER
SINGAPORE, SINGAPORE
Carl Ettensperger, Managing Director of C&C Studio, a Singapore-based boutique design studio, is a graduate from the Art Centre College of Design, Pasadena, Calif. His illustrious career includes being an MD of Hirsch/Bedner & Associates (HBA)
and Wimberly Allison Tong Goo (WATG), Singapore, as well as setting up his own company, Interior Design Network International Pte Ltd (IDNI), in 1996. C&C Studio was established in 2001. He has been involved in some of the most prestigious mega-projects in the hospitality industry, including The Residence Hotel in Tunisia; Grand Hyatt, Taipei; St George’s Terrace, Australia; Grand Hyatt, Bali; The Canyon Ranch Spa Club, Las Vegas; The Park, Calcutta; Hyatt Regency, Kathmandu, Nepal; Canyon Ranch Health Resort; and the Bali Hyatt Spa in Indonesia. Some of his more recently completed projects are The Living Room, Marriott Hotel, Singapore; the Mandarin Oriental Hotel, Hong Kong; Leela Palace Hotel in Bangalore and Bombay and the Hilton, Maldives.
Carl Ettensperger has also been selected to develop over-the-water villas in Dellis Cay’s “South Beach” Zone. These water villas will be created in a style reminiscent of traditional Asian architecture, and will be adjacent to the over-water restaurant, a main attraction on the island, where residents and guests will enjoy fine dining on the pristine beach.Carl Ettensperger died in 2013.RIP for him.
ZAHA HADID
LONDON, UK
Zaha Hadid studied architecture at the Architectural Association in London, where she was awarded the Diploma Prize in 1977. Hadid began her own practice in 1979 with the design of an apartment in Eaton Place, London, which was awarded the Architectural Design Gold Medal in 1982. Since then, Hadid has won many awards, and most recently was the recipient of the 2004 Pritzker Architecture Prize. Hadid’s past projects include Strasbourg (2000), JVC Hotel Guadalajara (2000), National Library of Quebec Montreal (2000), and Bergisel Ski Jump Innsbruck (1999), among others. Hadid has won many awards for her work, and most recently was the recipient of the 2004 Pritzker Architecture Prize.
Hadid has been commissioned to oversee the Dellis Cay Master Plan, as well to design the futuristic-themed “Marina” Lifestyle Zone, which includes luxury condos and a hotel, a number of beachfront villas, a commercial building with restaurants and boutiques, a marina with 110 slips and 4 to 5 mega-yachts, and a lighthouse. The Marina Zone will encompass fluid architecture that uses water as a common design element, both outside and inside the marina space. Hadid will also design the one of the “The West Beach Estates,” located at the most desirable location on Dellis Cay and enjoying the longest beachfront and the largest villas. A sparsely developed Lifestyle Zone with most of the natural vegetation of the cay intact, the West Beach Estates will offer magnificent views of the reef located just offshore.Zaha Hadid died in 2016.RIP Zaha Hadid
KENGO KUMA
TOKYO, JAPAN
Kengo Kuma established Kengo Kuma & Associates in 1990. The architect’s numerous residential works, museums, and other public facilities have received on-going critical acclaim and have won several national and international awards including the prestigious Architectural Institute of Japan Award in 1997. Recent projects include LVMH Group’s Japan headquarters completed in 2003, Suntory’s new Tokyo office building, and the Kodan Shinonome apartments completed in 2004, as well as the Great (Bamboo) Wall House – a structure formed primarily of glass and Chinese bamboo – outside of Beijing, completed in 2002. In addition to a professorship at Keio University’s Faculty of Science and Technology since 2001, Kuma frequently lectures at other institutions.
Kengo Kuma has been commissioned to create the “Spa” Lifestyle Zone at Dellis Cay, including what will be known as the Spa Lake Villas as well as the exclusive and exotic Resort Spa. Kuma would also design the one of the “The West Beach Estates,” located at the most desirable location on Dellis Cay and enjoying the longest beachfront and the largest villas. A sparsely developed Lifestyle Zone with most of the natural vegetation of the cay intact, the West Beach Estates will offer magnificent views of the reef located just offshore.
PIERO LISSONI
MILAN, ITALY
Born in 1956, Piero Lissoni started his career as a designer in 1978.
After his Architecture degree at Milan Polytechnic, he started his collaboration with Boffi in 1985. Together with Nicoletta Canesi, Piero Lissoni founded Lissoni Associati (1986) and Graph.x (1996) developing projects of Architecture, Interiors, Industrial and Graphic Design in addition to Art Direction and Corporate Image. Among his clients : Alessi, Boffi, Cappellini, Cassina, Flos, Fritz Hansen, Glas, Kartell, Knoll International, Lema, Living Divani, Matteograssi,Poltrona Frau, Porro, Tecno, Thonet and Wella. Among his recent interior realisations: interiors of the Shangri La Hotel & Resort in Miami; a private villa near Como.
In Venice, restoration and furnishing of all common areas of the luxury Hotel “Monaco and Grand Canal” and the Bacaro Bar, a multifunctional space bar-library-restaurant adjacent to Hotel Monaco; in Istanbul the Bentley design hotel ; in Switzerland the “Al Porto” Hotel by the Zurich Lake; in Tokyo the “Mitsui Garden” business Hotel in the trendy neighbourhood of Ginza.
In November 2005, Piero Lissoni received one of the highest recognition in the design world: the prize “Hall of Fame of Interior Design” in the occasion of a reception in New York Waldorf Astoria and more recently the “Best Kitchen 2005” Elle Décor International Award for“ Table System ” Boffi kitchen .
Lissoni would be responsible for architectural and interior design of Dellis Cay Phase I, comprised of the main Mandarin Oriental Hotel with ultra-luxury penthouses, residences, and beach villas. The Hotel building will accommodate general areas such as the lobby, restaurants, bars, and pool. Lissoni will also design the one of the “The West Beach Estates,” located at the most desirable location on Dellis Cay and enjoying the longest beachfront and the largest villas. A sparsely developed Lifestyle Zone with most of the natural vegetation of the cay intact, the West Beach Estates will offer magnificent views of the reef located just offshore.
On June 2008, the construction started and continued on Dellis Cay until October 2009.
The Dellis Cay development was funded by a mixture of funds from us, sales of residential lots and loans from the Trinidad and Tobago Unit Trust Corporation.
The development proceeded in an unremarkable fashion from that date with the usual succession of planning applications (46 so far) and permits obtained.
Statement of Dr Cem Kinay with respect to Joe Grant Cay Undervalue Allegation
Istanbul, Turkey – 2February 2016
I have read in recent news that it is alleged that Joe Grant Cay, a Crown land, was valued at $75 million but was sold to my companies for $3 million.
I can not afford lawyers as Turks and Caicos Islands Courts have frozen all my worldwide assets not allowing me to spend any funds towards my right to defend myself and my companies, but I will make this statement today to set the record straight.
The allegations against Joe Grant Cay and myself are totally baseless. It is claimed that 200 acres of the 710 acres of the Joe Grant Cay Island was purchased at an alleged undervalue in June 2008. The undervalue claim is based on a set of confused valuation reports prepared by the Government’s Valuation Officer, Mr. Shaban Hoza which was different from the valuation report prepared again for the Government, instructed by Hon. Governor Richard Tauwhare in June 2008 , by an independent accredited commercial appraiser in TCI, BCQS who valued 200 acres of Joe Grant Cay, at USD 3.2 million for commercial use, exactly the amount of money asked by the Government in June 2008, which my development companies have paid in full. It is significant that his Hon. Governor increased the price on the back of the BCQS valuation report from USD 2 million to USD 3.2 million.
Following our purchase, I have obtained 5 more valuation reports to justify the price of this transaction, 2 from local valuation companies and 3 from internationally repute appraisers: CB Richard Ellis and Ernst & Young in the USA; and Savills of UK which all agreed on similar valuation levels of the BCQS report which was the just and fair value of this Crown land.
The Development Agreement of Joe Grant on the other hand, was negotiated over almost 2 years with the Attorney General’s Chambers before Hon. Governor Whetherell and Hon. Rhondalee Braithwaite executed it on behalf of the Crown on 7 November 2008. Joe Grant Cay Development Agreement signed by Hon. Governor Whetherell does not contain any privileges, favors or better conditions than any other Development Agreements signed by him or any other recent development agreements signed by previous Hon. Governors. All negotiations were dealt over almost two years by the development companies professional management team, our lawyer Owen Foley at Misick & Stanbrook, my joint venture partner’s lawyer Mr. Chal Misick, Attorney General’s Chambers and TCI Invest.
For the past 6 years, I have been living stripped of my basic human rights and assets just because the TCI Courts have concluded in connection with a political donation made to Michael Misick on 9 January 2007 “there to be a very strong probability that the money was paid as a bribe in order to ensure that the Defendant companies obtained the benefit of the proposed (Joe Grant Cay) development” disregarding the evidence that I have sent, stating that I was “late” sending evidence to the trial. My appeals were rejected and TCI Government has taken Joe Grant Cay back from my companies only to sell the same Crown Land, Joe Grant Cay for USD 4.04 million in October 2013.
For those who doubt that the development of Joe Grant Cay is not innocent, I have the following to ask: We have paid 3.2 million in 2008 for this 200 acre land, 5 years later, the same land has been sold for 4.04 million in an open market transaction ! I ask you what happened to the alleged tens of millions of dollars that the Government and some of our opponents claimed that this land was supposed to be worth?
I have the answer: The alleged valuation of this island was a big lie ! Joe Grant Cay’s 200 acre was never valued more than what we paid for. That was the exact reason why many internationally repute valuation companies as well as all the local valuation companies have valued it at the exact value that we paid for it. That is why both Hon. Governor Tauwhare, and later on Hon. Governor Whetherell have approved and executed the sale of this 200 Acre land to us for USD 3.2 million, and that was why the sale was approved by the Attorney General, TCI Invest, Ministers, and the Premier and Hon. Rhondalee Braithwaite, Deputy Attorney General back then. Do you really believe that they were all ‘deceived’? and did not know what they were selling?
In fact, there was no “favor” from anyone for Joe Grant Cay. In fact, we have paid the true value of this land, and the shameless dark forces took away from us alleging the “undervalue” sale.
The people of Turks and Caicos Islands was going to benefit from Joe Grant Cay development as this project was going to provide a sustainable source of income for the local economy. Today, we could have celebrated the opening Dellis Cay, and the commencement of construction at Joe Grant Cay. These could have provided much needed employment opportunities. I have seen the progress in North Caicos with my own eyes during Dellis Cay’s construction and I have no doubt new businesses could have flourished both in North and Middle Caicos if we could complete what we had started.
In the past years, I have been victimized by politics. My assets were frozen and hundreds of people lost their jobs.
I am calling upon the TCI Government and the Attorney General to end these groundless accusations against me, return my assets, and clear my name as I have done nothing wrong. I have spent all my wealth in Turks and Caicos Islands, and lost most of my investments, lot of purchasers lost their investments too.
I still desire to realize my dreams concerning Dellis Cay and Joe Grant Cay. I have spent all my life in building my reputation. My life is full of success stories and honors. I intend to spend the rest of my life to defend these honors.
Statement of Dr Cem Kinay with respect to the Joe Grant Cay’s Sale
Istanbul, Turkey 18 December 2013
I understand from Turks and Caicos Islands media sources that a 200 acre parcel of Joe Grant Cay has been sold for $4.04m in October 2013 in a transaction that was never made public.
I was sure that one day, the truth about Joe Grant Cay’s true value will come to the light, Today, is my day. For the past 6 years, I have been living stripped of my basic human rights and assets just because the TCI Courts have concluded in connection with a political donation made to Michael Misick on 9 January 2007 “there to be a very strong probability that the money was paid as a bribe in order to ensure that the Defendant companies obtained the benefit of the proposed (Joe Grant Cay) development” disregarding the fact that there was in reality no benefit at all, as we have paid the true and accurate value of this land which was USD 3.2 million for the same 200 acres parcel back in 2008.
More specifically, on the matter of Joe Grant Cay’s valuation, His Hon Justice completely ignored the Government’s valuation report obtained from BCQS, an independent commercial appraiser who valued 200 acres parcel of Joe Grant Cay, at USD 3.2 million for commercial use, exactly the amount of money asked by the Government in June 2008, which my development companies have paid in full.
What is more astonishing was the fact that His Hon Judge ruled (Para 36, The Judgement) ‘When instructing BCQS to give an alternative valuation, McAllister Hanchell did not tell them of the proposed development, so that their valuation made no allowance for the intended use of the land.’. The Learned Chief Justice has failed to recognize that BCQS valuation report specifically stated on Page 7 Item 3.5 ‘It is assumed that planning permission is available for the subdivision of the land for residential plots or for a commercial use.’ By omitting BCQS’s clear statement specifying “commercial use” in its report, The Hon. Chief Justice violated our right to a fair trial, and unfairly favored the Turks and Caicos Islands Government by omitting what the true valuation report states. Instead, the Hon. Chief Justice relied on a series of valuation reports prepared by the Turks and Caicos Island’s own employee Mr. Hoza, which are at best confused. Mr. Hoza’s valuation reports valued the 200 acre parcel at a whopping 45 million for commercial use!
For those who doubt that the Development of Joe Grant Cay is not innocent, I have only one question: We have paid 3.2 million in 2008 for this 200 acre land, and today, 6 years later, the same land has been sold for 4.04 million in an open market transaction ! I ask you what happened to the alleged tens of millions of dollars that the Government and some of our opponents claimed that this land was supposed to be worth?
I have the answer: The alleged valuation of this island was a big lie ! Joe Grant Cay’s 200 acre was never valued more than what we paid for. That was the exact reason why many internationally repute valuation companies as well as all the local valuation companies have valued it at the exact value that we paid for it. That is why both Hon. Governor Tauwhare, and later on Hon. Governor Whetherell have approved and executed the sale of this 200 Acre land to us for USD 3.2 million, and that was why the sale was approved by the Attorney General, TCI Invest, Ministers, and the Premier.
In fact, there was no “favor” from anyone for Joe Grant Cay. In fact, we have paid the true value of this land, and the shameless dark forces took away from us alleging the “undervalue” sale. The evidence is before you, the same land is now sold for USD 4.04 million after 6 years.
In the past five years, I have been victimized by politics. My assets were frozen and hundreds of people lost their jobs. I could have developed Joe Grant Cay and create much needed jobs, and further tourism income for Turks and Caicos Islands. I was denied my fundamental right to a fair trial in TCI, a red notice application has been filed with the Interpol for my arrest. I am calling upon the TCI Government and the Attorney General to end these groundless accusations against me, return my assets, and clear my name as I have done nothing wrong.
Joe Grant Cay is home to 18th century ruins, a protected harbour and some of the country’s finest vistas
A LARGE plot of Crown land on the remote island of Joe Grant Cay was sold for $4.04m in October in a transaction that was never made public, the Weekly News can reveal.
This week Sotheby’s, the real estate company dealing with the sale, told the newspaper that a commercial developer purchased the 200 acre plot – once valued at $50 million – months ago.
TCI mortgage providers Temple Financial Group pushed through the sale of the land in order to recoup millions of dollars in outstanding Government debts.
The debt was originally created five years ago when the company awarded a $2.4 million mortgage to a prominent developer to purchase the sizable plot on the cay.
But he was later accused of corruption and following a lengthy civil recovery case the Government took back possession of the land – along with responsibility for the mortgage and the growing interest.
Temple gave the Government an opportunity to sell the land themselves to repay the debt and it was advertised on the Sotheby’s website for sale at $6.9 million.
But after a year and a half without a bite the company obtained ‘power of sale’ and finally offloaded the land for $2.8 million below its advertised price.
Power of sale gives the creditor the authority, upon default in the payment of a debt, to advertise and sell the property at public auction, without resorting to a court for authorisation.
Following a request for information, Sotheby’s broker Joe Zahm sent the Weekly News an email that explained: “Lot 25 ONLY sold for $4,040,000 in October. The rest of the island remains in TCIG control.”
The cash will pay off the Government’s debt with Temple Financial Group and any remaining will be put into the Government’s coffers.
However it is currently uncertain how much interest the mortgage accrued and if there is likely to be any money left over from the payment.
Minister of Finance Washington Misick told the Weekly News on Thursday (December 12) that he had not been briefed on the sale.
He explained that just months ago Temple Mortgage would have obtained “power of sale”.
But Misick added that he was unaware of any further details including whether the $4.04 million was more or less than the amount owed to Temple.
Meanwhile when asked why the transaction was not made public Premier Rufus Ewing on Thursday told the newspaper that the sale had “nothing to do with” the Government.
“A great portion of Joe Grant Cay is still owned by Government but the part sold is not a part of the Crown land there,” he said.
The development of remote Joe Grant Cay, located just east of Middle Caicos, was announced in mid-2008, shortly before the worldwide recession tightened its grip on the Islands.
Home to 18th century ruins, a protected harbour and some of the country’s finest vistas, the 710-acre cay was tipped to provide abundant job opportunities for local residents.
However Turkish-born developer Cem Kinay, who also headed the massive development at Dellis Cay, attracted a wealth of scrutiny during the 2008 Commission of Inquiry.
It was claimed that he purchased Joe Grant Cay for $7.7 million after it was valued at $178 million in June 2008.
This followed the payment of a $500,000 political donation to the PNP just a year earlier.
On June 24, 2010, the development agreement between the Kinay’s Star Platinum firms and the Government was terminated.
And that July civil recovery lawyers fought to have land on the tiny cay returned to the Crown along with damages and costs.
After initially filing a full defence, the Star Platinum companies then defaulted on court orders.
They were asked to provide further and better particulars of their defence, but did not do so in time, and the defence was struck out.
As a result, the Government opted for trial by evidence or admissions which took place in June 2011 at Providenciales Supreme Court.
Following lengthy civil recovery proceedings the recently resigned Attorney General Huw Shepheard released his judgement in TCI’s first major civil recovery case.
He said that there was “no satisfactory explanation” for a $500,000 political donation made by Dr Kinay to former Premier Michael Misick on January 9, 2007.
The judge added that there was “a very strong probability that the money was paid as a bribe in order to ensure that the defendant companies obtained the benefit of the proposed development”.
However, because the defendant did not show up to court to offer his evidence, Shepheard stressed that “nobody should be declared corrupt”.
Dr Kinay – bestowed with Belonger status by Misick’s former Government – has always denied allegations of corruption.
He also previously vowed to recoup all losses incurred by his firms as a result of the civil recovery team’s work.
The court ordered the return of the whole of Joe Grant Cay previously bought for $7.7 million to the TCI Government.
However one 200 acre parcel of land, which Kinay bought for just $3.2 million, was subject to a charge in favour of Temple Financial Group.
Star Platinum companies had borrowed $2.4 million from the company’s operating division Temple Mortgage and granted it a charge over the land as security.
TCIG “reluctantly concluded” that it had no choice but to sell the parcel of land in order to pay off what was owed.
In May 2012 Sothebys, instructed to act for the Government, placed parcel 30101/25 on the market for sale.
Earlier this year Temple forced through the sale of the land in order to repay the Government’s outstanding debts.
David Knight, chief executive officer of Temple Financial Group, was unavailable for comment .
Published in TCI Weekly News
By Royal S. Robinson, MBE
The Interim Administration continues to try to have its cake and eat it as well as to operate in a very non-transparent way. When you take into consideration the premise on which they took over the country from the duly elected local representatives, the actions so far have not been to show you how best to get the job done, but how best to carry on the process by which cronyism is the hallmark of the day and picking winners of your own choosing is the best was in which to do business.
The British Government, FOC, DFID, SIPT and the Civil Recovery team declared that the original sale of land by the TCI government to Platinum was a corrupt transaction and as such should be recovered and redound to the benefit of the people of the Turks and Caicos Islands. Steps were taken through the Court system to have the land returned to the Crown and the court agreed that the land should be returned. No sooner than this exercise was completed (Platinum seem not to take an interest in appealing the court’s decision), there seems to be a concerted effort being made to now ensure that the Turks and Caicos Islands’ people do not benefit effective from the return of that land.
The first part of the deception and deceit started with the decision to sell the land to satisfy a mortgage that had been placed on the property by Temple as a result of Platinum borrowing some $2M and using the property as collateral. My understanding of the legal system is that if a leaf of the fig tree is tainted, then the whole tree is tainted. As it relates to this particular transaction, if it was corrupt for Platinum to obtain the land in the first instance, then any subsequent transaction had to be corrupt also.
So why was there a rush on behalf of the Interim Administration to satisfy Temple Mortgage? There can be one inference to be drawn and that is that someone in the Administration or very close to the Administration had something to be gained by the sale of the land by the government to satisfy the debt to Temple!
According to all previous pronouncements by the Interim Administration, all of the land that had been reacquired as a result of some fraudulent activity would be kept in the land bank for future generations to benefit from. So what is the real rush to dispose of this land at this time? Something smells fishy here.
Now in the proper scheme of things, if the Interim Administration had a real reason to dispose of the land for the benefit of the people of the Turks and Caicos Islands, the first thing it should have done was to specifically say so. Following on from that, it should have issued a Request for Proposals. If as they like to claim they are operating in an open and transparent manner, and they want to get the best value for money, that is what would have happen. But they have decided to pick winners from “their side of the ledger”. What is that called? Is it Insider trading? Or is it nepotism? I thought those were the common faults and flaws identified by Sir Robin Auld as being part of the systemic weakness and corruption in the previous political administration that had to be rooted out. But like Courtney Missick likes to say, corruption has only changed its colour, from black to white!
Now let us look at the local firm that got to market and sell the 200 acres of land on Joe Grant Cay. It is Sotheby’s and its local affiliate is Connolly-Zahm! Is it just coincidental that one of the principals of Connolly-Zahm if Mrs. Josephine Connolly, the wife of Advisory Council member Joseph (Joe) Connolly? As Ernie Clarke likes to say “I have the documents”. I will definitely like to see the documents showing that there is no nexus at all!
The old Finance and Audit Ordinance and Financial Instructions, followed by the now brand new Public Finance Management Ordinance, all speak to a transparent process with respect to the procurement of services by government.
As I have indicated before, there should have been a tendering process set up and the firm with the best proposal selected to carry out the work. The worst case scenario would have been to short-list say six of the local real estate firm that have international connections and ask them to submit proposals, I could live with that. I would have thought that that would have given me some piece of mind that I would have been getting value for money.
What I still cannot fathom is how the governor fixed his mouth to call the initial land transaction of Joe Grant cay corrupt and it had to be returned to the people, but no sooner was that done, he is out there secretly trying to sell that asset. Something untoward must be afoot here. I just cannot for the life of me understand the amount of double standard that is being used by this Interim Administration, save to say that a concerted effort is being made dispose of everything of value that belong to us, in a manner that they feel and say that it is in our best interest so to do.
I have never seen so many thing done in my best interest, that am totally opposed to as is happening with these bumbling idiots at the helm. As time progresses, everyone is seeing that the Emperor has on no clothes and is operating in a clueless manner.
How the Interim Administration hopes to be able to get away with such blatant disregards for the rules that they say they came here specifically to enforce and demonstrate the ethics of doing things in the proper manner?
However, what they have and are demonstrating to us is that what we were doing was child’s play and they are certainly showing us how bad business should operate. That does not give us faith and comfort in these operators. That is why on the streets there is now total skepticism as to the real reason the intervention took place.
We must by now be in a position to determine for ourselves that what is currently being done to us is neither right nor fair! The reset button has now been pushed by the setting of the date for elections. We should all go out and get registered so that we can send a clear and unambiguous message to the Interim Administration that business as usual will not be the order of the day. Joe Grant Cay has not been sold as yet and it is not too late to restart the process on a proper footing.
There cannot be a rush as there is a surplus budget proposed, so the money from the sale is not critical to our financial position except that the Interim Administration is hell bent of getting from under the loan guarantee as quickly as possible and to hell with whatever adverse consequence to the Turks and Caicos Islands people!
British developer pleads guilty in Turks and Caicos corruption case
Published on June 3, 2013
PROVIDENCIALES, Turks and Caicos Islands — British developer Richard Padgett pleaded guilty in the Turks and Caicos Islands (TCI) on Friday to charges of bribery and conspiracy to pervert the course of public justice by agreeing to present false or forged documents to a Commission of Inquiry.
At a plea and directions hearing on April 15, Mr Justice Harrison agreed that Padgett should be allowed to enter his pleas at the first reasonable opportunity. His case was adjourned to May 31, this being the next most convenient date for the judge to return to the TCI.
Padgett is currently suffering from ill health and in the opinion of his doctor is not fit to travel to the TCI, it was therefore agreed by the court that his pleas be entered from England, by a video link to the Supreme Court.
Padgett and the Crown were represented in both jurisdictions by counsel.
After his pleas of guilty were entered, the case was adjourned to September16 for mention as to the appropriate date of sentence.
Padgett, who has been on bail throughout the proceedings, remains on bail.
The TCI government also announced on Friday that it has settled all civil claims and proceedings against Padgett and his companies. That includes civil claims arising from the Third Turtle Development referred to in the report of the Commission of Inquiry, and a separate civil claim arising in relation to Crown land on East Caicos acquired by a company controlled by Padgett.
Under the settlement, Padgett has transferred to the government land valued at approximately US$7 million, and has made a cash contribution of $75,000 to the costs of investigating the claims.
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This takes total land recoveries made by the civil recovery team to 3,058 acres, in addition to $19.6 million in cash paid or to be paid to the government.
Attorney General Huw Shepheard commented: “We are pleased that these disputes have now been settled with the transfer to TCIG of a substantial amount of further land of significant value. This settlement brings to a successful conclusion the civil claims brought in relation to the major developments referred to in the report of the Commission of Inquiry. As reported, other claims and investigations continue to be progressed by the Edwards Wildman civil recovery team.”
