Tag: Cape VerdeView All Tags
To be fair, it's not Viceroy's fault but rather the developer who has run into some crazy financial difficulties. A tipster has offered up this version of the events, which have also been reported in the local news:
Mr Jonathan Grepne had signed a deal with Viceroy to managed the half-completed resort of apartments and villas from 2014 and to run an associated hotel from 2017. However, no further construction work has taken place during the 12 months since the deal was announced and a large number of original investors in the properties have launched legal action against Sambala and Mr Grepne as their properties should have been completed in 2008.
Mr Grepne owes millions of Euros to his bank funders and a provisional injunction was granted in February 2013 freezing Sambala and Grepne's assets. The Supreme Court just last month upheld the injunction, confirming freezing of all assets and putting a halt to the development for the foreseeable future. The local government has also just announced to the media that they will attempt to seize Sambala assets and auction them off to cover taxes that Grepne has failed to pay since 2008. Neither Mr Grepne nor Sambala director Dominic McGlynn are taking calls from creditors and investors. Viceroy have so far refused to comment.
Currently, Cape Verde is not even listed on the Viceroy's website so you can consider this property a no-go unless we hear otherwise. It's a shame, though. The 150-room beachfront resort with its three restaurants, children’s club and a state-of-the-art water sports center sounded truly amazing.