According to a report in the Sun TCI newspaper the Trinidad and Tobago Unit Trust Corporation (TTUTC) has appointed a receiver to Dellis Cay, Turks and Caicos Islands.
The newspaper spoke to Dr. Cem Kinay, the CEO of Turks Ltd, and his life long partner Oguz Serim who 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 providing 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.”
The inital phase of Dellis Cay had been on schedule for it’s mid-2010 opening but construction has been halted and according to the report foreign workers have been sent home and local workers are on hold.
Dr Kinay told Sun TCI, “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 lose 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.”
Dellis Cay is a 20 minute boat ride from the main island of Providenciales and next to Parrot Cay. The developers were creating a luxury island community involving unique designs from some of the world’s leading architects. Dr Kinay, the head of the Vienna-based developer O Property Collection, claims that allegations linking him to government corruption in the Turks and Caicos hurt sales.