A Bahamas-based investor who has injected $22 million into his resort project over the last two years is preparing to file a legal action against the Government "early this week", amid fears it will not honour his Heads of Agreement, and said: "I feel as if the rug has been pulled out from under us."
Michael Reardon, vice-president and one of the principal investors in the Eleuthera-based Sky Beach Club project, told Tribune Business he had not been refunded some $200,000 worth of Customs duties, as Prime Minister Hubert Ingraham had allegedly said would happen, with the tax payments having increased construction costs by 45 per cent and scared away potential real estate buyers.
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