A major international financial institution is moving to obtain the necessary Bahamian government approvals to foreclose on a major chunk of Grand Bahama's $4.9 billion Ginn sur mer project, with the 2006 Heads of Agreement that expanded the development's size alleged to have been central to a scheme to artificially inflate its net worth.
The allegations are contained in a May 17, 2010, lawsuit filed against Ginn and all the entities associated with the Bahamian project's development by yet another group of disaffected real estate purchasers, whose motto seems to be: 'If at first you don't succeed, try, try, try again.'
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