Due to the incongruous lawsuit filed by an alleged wife of the former owner of Ponta Bicuda, and to the fact that the decision is now being appealed at the Cape Verde Supreme Court, construction in Ponta Bicuda has been irreversibly delayed. As such, Vilas Oceanicas has been forced to revise the completion date, and in an effort to minimize any harmful consequences to clients, a compensation plan has been devised that encompasses everyone who is wholly compliant with their contractual obligations. To implement this compensation plan and ensure the feasibility of the project, our venture partners and property investors must be in agreement with the completion date set forth and the compensation plan, as requested by the financial entity.
We take this opportunity to reiterate that given the circumstances in which the Sales Deed was signed, the good standing relationship with the former owner of the land, and the presence of the proper administrative authorities involved in formalizing the deal, there was no reason to anticipate any such event. In fact, in July 2009, the Court declared that the arguments presented by the plaintiff were unsubstantiated, and confirmed the evident validity of the transaction. As such, Vilas Oceânicas has no reservations about qualifying this legal proceeding and everything surrounding it, as unforeseeable and unavoidable, and further, contradictory to the company’s demonstrated up-standing, diligent and forthright behaviour.
With every reason to believe that the Cape Verde Supreme Court will once again rule in favour of Villas Oceanicas, and thus in favour of Ponta Bicuda and all of those involved with the development, it is now crucial for everyone to formalize their approval of the postponed completion date and compensation program. Not doing so may bring a substantial decline in value to the property, translating into substantial losses for all. Presently, this plan substantiates the only viable way to keep the project going, and lack of complete support could deter every effort made, on the part of Vilas Oceanicas, as well as the substantial amount of clients already on board.
A prompt return to construction, is in effect, the only outcome that will benefit all of us. We strongly urge everyone to formally express their consent so that we can continue to make Ponta Bicuda the most desirable Development in Cape Verde.
We take this opportunity to reiterate that given the circumstances in which the Sales Deed was signed, the good standing relationship with the former owner of the land, and the presence of the proper administrative authorities involved in formalizing the deal, there was no reason to anticipate any such event. In fact, in July 2009, the Court declared that the arguments presented by the plaintiff were unsubstantiated, and confirmed the evident validity of the transaction. As such, Vilas Oceânicas has no reservations about qualifying this legal proceeding and everything surrounding it, as unforeseeable and unavoidable, and further, contradictory to the company’s demonstrated up-standing, diligent and forthright behaviour.
With every reason to believe that the Cape Verde Supreme Court will once again rule in favour of Villas Oceanicas, and thus in favour of Ponta Bicuda and all of those involved with the development, it is now crucial for everyone to formalize their approval of the postponed completion date and compensation program. Not doing so may bring a substantial decline in value to the property, translating into substantial losses for all. Presently, this plan substantiates the only viable way to keep the project going, and lack of complete support could deter every effort made, on the part of Vilas Oceanicas, as well as the substantial amount of clients already on board.
A prompt return to construction, is in effect, the only outcome that will benefit all of us. We strongly urge everyone to formally express their consent so that we can continue to make Ponta Bicuda the most desirable Development in Cape Verde.
