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BREAKING NEWS

Dr.Cem Kinay Statement regarding Dellis Cay & Joe Grant

Istanbul, 22.01.2022

Statement of Dr. Cem Kinay on Dellis Cay and Joe Grant

I understand from Turks and Caicos Islands sources Slot Bet Rendah that Dellis Cay, our private island development is under offer.

Since 2009, I have Slot Gacor Maxwin been living stripped of my basic human rights and my assets in Turks and Caicos Islands. It has been 13 years since my name was leaked in an unredacted Commission of Inquiry report in 2008, and

10 years since a TCI Court has Slot Pragmatic concluded we obtained benefits because of a perfectly legal political donation to Hon. Michael Misick, then the Premier.

As a Slot Bet Kecil result of allegations, Trinidad Tobago Unit Trust Corporation has appointed a receiver to Dellis Cay and placed our land for sale back in 20009.

Then, only 200 acres of Joe Grant Cay which Slot Maxwin we acquired for 3.2 million at an alleged “undervalue” with the approval of TCI Governor Richard Tauwhare is sold for 4.04 million for whole island, to private investors back in 2013.

The allegations Slot Bet Kecil 100 that Joe Grant Cay was worth much more than what we paid for, proved to be completely rootless.

The TCI courts did not admit our expert witness statements, valuations, and our appeals were not heard. This transaction is unlawful, and we will go in 2022 to Human Rights Court for this unlawful transaction.

In fact, there was no “favor” from anyone for any of my developments in TCI. I have been simply victimized by politics. My assets were frozen, and hundreds of people lost their jobs. A Slot Gacor Hari Ini lot of villa and residence purchasers lost their assets too.

I will Slot Maxwin continue my legal actions for Dellis Cay as any cost and will not leave this private island which I have paid my hard-earned funds to acquire from its private owner in 2005. I have spent years planning, designing, organizing, and attracting internationally repute designers,

like Zaha Hadid, Piero Lissoni, Shigeru Ban, Kengo Kuma, David Chipperfield, Carl Ettensperger, Chad Oppenheim, hotel operators like Mandarin Oriental Hotels and Bulgari Hotels, as RTP Slot Tertinggi well as customers for this development and

I will not let it go.

I am calling on Premier Hon. Washington Missick, Deputy Premier EJ Saunders and His Excellency the Governor, Nigel Dakin to stop any RTP Live transaction because of unlawful sale of my property and make me and my partners and purchasers a part of the solution for this development.

God bless Turks and Caicos People.

Dr. Cem Kinay

Owner of Dellis Cay

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News

Direct Rule of UK in Turks and Caicos Islands-Story of Dr.Cem Kinay Part 4

Direct Rule of UK

On August 12, 2009, former https://www.seacliffapartments.com/idn-poker-online/ Turks and Caicos Islands premier Michael Missick

has lost his appeal against the earlier rejection by the High Court in London of his

bid to challenge https://mwe100.com/poker-online/ a decision by the British government to suspend the territory’s

constitution.

Following the https://mussogomme.it/poker-online/ decision in the Court of Appeal in London on 12th August and on

the instruction of UK Ministers, The Governor brought into force the Order in

Council suspending parts of the Turks and Caicos Islands constitution.

Ministerial government and the House of Assembly are suspended meaning that

Cabinet would no longer exist and the House https://livesound.store/idn-poker-online/ of Assembly is dissolved and

Members’ seats are vacated. The constitutional right to trial by jury is also

suspended with immediate effect. In accordance https://epusenergy.com/idn-poker/ with the Order in Council, this

will be for a period of two years, subject to extension or abbreviation as

necessary.

The Governor was responsible for the government of the Turks and Caicos

Islands.

Special Prosecutor

A Special Prosecutor, Ms. Helene Garlick was appointed to investigate the case.

There would be investigation concerning the Politicians (as the Final Report makes

a recommendation to investigate the Politicians)

a. If the Prosecutor will have sufficient https://kirbybreefitness.com/idn-poker-online/ evidence to charge the Politicians,

she will be making the charge, and we should look at a 6-9 months trial

period, and appeals for the Politicians.

b. Whilst we believe there is sufficient for the police to request an interview

of developers, including myself on the basis of a suspicion that I sought to

bribe the Premier in relation https://academipress.com/idn-poker/ to Joe Grant Cay, the preparations are made

for it and strong evidence to prove the contrary are ready.

TTUTC

TTUTC is a financial services company (“the Bank”) operating in Trinidad and

Tobago. The Bank’s Merchant Banking department undertake the origination,

structuring, marketing and public pricing of public offerings and private

placements of equity-related securities as well as debt securities for local and

regional corporations, institutions and regional governments.

Despite our attempts to cooperate and assist the Bank to understand the issues

surrounding the leak of the unredacted report, and the issues surrounding Turks

Development Ltd, which has made the political contribution to the ex Premier

Missick on Jan 2007, and the political risks associated with Turks Ltd, The Bank

has changed its position vis-à-vis the Company, its Directors, despite a very

recent letter of comfort that it had provided.

On 27 August 2009, I have have met the Bank’s Board in their Board Room, in

Trinidad. They asked about the Commission of Inquiry and whether the Bank’s

funds were used for political donation. We have responded that the political

contribution in question was made on January 2007, well before any relation with the bank.

As a result of the Governor’s and Bank’s negligence, we have suffered loss and

damage and as result, on 15 October 2009, a Receiver was appointed by the Bank.

To date, $174 million has been spent on Dellis Cay.

The development has gone into receivership due largely to the adverse publicity generated by the

unlawful publication of the complete (unredacted) version of the final report of

the TCI Commission of Inquiry.

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News

Commission of Inquiry in Turks and Caicos Islands-Story of Dr.Cem Kinay Part 3

Commission of Inquiry

On 10 July 2008 the Governor of the Turks & Caicos islands appointed Sir Robin
Auld
to conduct an Inquiry into possible corruption or other serious dishonesty in
recent years of past and present elected members of the legislature. Public
hearings were held in the course of January and February of this year. There
were 20 counts of allegations against Mr. Misick, who resigned due to those
various allegations.

Most of the existing developers in the Turks and Caicos Islands were also mentioned during the Commission’s work.
In the course of the hearings, among many other developers, and questions, It was
put to politicians that Joe Grant Cay has been sold to me in June 2008 and my
partners at an undervalue and that a political donation of US$500,000 in January
2007, made by myself shortly before an early election called by the Premier
Michael Misick , was a bribe connected with negotiations that were underway at
that time in connection with the purchase of Joe Grant’s Cay.

No request was ever made by the Inquiry to me to give evidence, but nonetheless wrote to the Inquiry setting with an expression of my concern to allegations in circumstances which were grossly unfair and a breach of the principles of natural justice.

Furthermore, I have made preparations with our UK lawyers for any
possible investigation concerning the valuation of this property together with the
details of the political contribution. In that respect: We have finalized with CB
Richard Ellis, Savills of UK , Ernst & Young as well as local appraisers such as
CASL, BCQS, and Concept Plus, numerous valuation reports of Joe Grant Cay as
of June 30, 2008.
We have collected evidence, and records of the political contribution made in Jan
2007, including confirmation letters from our banks, that demonstrate that the
contribution was in fact no secret, and could not be construed as a bribe. It is
perfectly legal to make political donations in the Turks and Caicos Islands.


The Judicial Review


Against the risk of being named in the Auld Report, we have asked the High
Court of Turks and Caicos Islands to Judicially Review the Final Report, and deal
with any mention of Joe Grant Cay, and Dellis Cay and myself, if any.


The Supreme Court of Turks and Caicos Islands called for the removal of any
adverse reference to me or my companies from the Final Report of the Turks and
Caicos Islands Commission of Inquiry. In his ruling, His Lordship the Chief
Justice of the Turks and Caicos Supreme Court, Gordon Ward OBE agreed with
my counsel, Clare Montgomery QC, that there was a “clear and almost total
failure by the Commission to follow its own procedures.”

The Chief Justice in his Judgment stated that I have not been given a fair hearing:

“I am satisfied that Dr. Kinay has not been given a fair hearing and that

even the limited terms of the Salmon letter do not remedy the earlier

errors. He had a legitimate expectation that the Commission would follow

its own procedures in respect of a person considered to be implicated and

it failed to do so.

The final allegations did not arise from the evidence to

which he replied on 30 January 2009 and he had no indication that further

allegations would be raised against him entirely without notice. “

“The Commission clearly has the right to recommend that there be further

investigation of a named person but the manner in which the reasons for

any such recommendation were obtained and presented to the public

hearing were so clearly in breach of the recognised standards of fairness

that they must be ultra vires the Commission’s powers. If included in the

Final Report, they should not be published or mentioned in any statements

about the case.”

The Public Leak

Early on Saturday July 18th 2009, the Turks and Caicos Commission of Inquiry

published a redacted version of Sir Robin Auld’s Final Report. The purpose of

redacting the report insofar as it related to Dr. Kinay was to remove adverse

references to me and my companies. However, as His Excellency the Governor

later acknowledged, it became apparent that it was possible to access the

unredacted text and I asked him to take steps to have the Final Report removed

from the Commission’s website.

By July 21st, 2009 it had become apparent that the unredacted report was widely

available. In response to evidence of that and an application by Turks and Caicos

Weekly News and WIV Channel 4 News Dr. Kinay did not seek the continuation

of the injunction. It was accepted that Dr. Kinay was an innocent victim of the

disclosure of the unredacted report. Those adverse references had been made

unfairly. Regrettably they have now been given publicity. That does not make

them fair when they are not.

We have also received a letter from the Attorney General of Turks and Caicos

Islands,. The letter expresses the Governor’s regrets with his unreserved apologies

to Dr Cem Kinay, director of Turks Ltd. The Governor’s apology relates to the

discovery of the possibility of uncovering the redacted parts of the TCI

Commission of Inquiry Final Report which was posted on the Commission’s

website early on Saturday July 18th 2009. The purpose of redacting the report

insofar as it related to Dr. Kinay was to remove adverse references to Dr Kinay

and his companies. The Chief Justice had found on June 18th, 2009 that the

adverse findings made against Dr. Kinay were unlawful and that it is unlawful for

the Governor to publish those findings.

Categories
News

Story of Dr Cem Kinay in Turks and Caicos Islands Part 1

Here is my story:
1. I practiced medicine at the General Hospital of Vienna in Austria. I received my PhD from the University of Vienna Medical School in 1984.
I am Austrian Citizen, Belonger of Turks and Caicos Islands.
I was born in Istanbul Turkey, graduated from Austrian school in Istanbul in 1977.
2. In 1987, Magister Oguz Serim, my other Austrian citizen partner, and I set up a tour operator by the name of Gulet Touristik, the largest tour operator in Austria.
In 1990, Mr Serim and I founded the first ” All Inclusive Hotel Operator” in Europe, the Magic Life Group (“Magic Life”).
Magic Life owned and managed luxury properties in Turkey, Austria, Greece, Tunisia, Spain,Egypt and Bulgaria.
In 1997, Mr Serim and I established a further tour operator, Gulet Touropa Touristik.
In 2004, we sold Magic Life and Gulet Touristik to the German tourism group TUI AG, one of the world’s largest tour operators.
3. I am widely recognized for my contributions to the travel industry, In 1996 I was lauded as Austria’s “Tourism Manager of the Year” and

in 1997, as “Man of the Year” and

finally on 2006, I have been honored with “State Medal Of Austria”


My partner Oguz has also been provided with the same honor.
4. Mr. Serim and I have founded 2 Austrian Foundations and all
proceeds of the Magic Life sale was donated to the Foundations. Foundations
owned beneficially Turks Ltd, a Turks and Caicos Islands ordinary company incorporated in the Turks and Caicos Islands (“the TCI”) a British Overseas
Territory in the West Indies according advise of our well known lawyers in Providenciales and Miami.
The Dellis Cay project
5. My involvement in the TCI dates from early 2005 at which time I was seeking
development opportunities for the development company, the O Property
Collection Gmbh, Austria which was also owned beneficially by the Austrian
2 foundations . The aim of O Property Collection was to leverage my and my partner Oguz Serim’s successful background in luxury resort development and
management. They are highly regarded in that industry.
6. I was introduced to Donatella Zignone Dini, then the owner of Dellis Cay, a
private island of 560 acres of which 220 acres were privately owned by one of her companies Dellis Cay Development Company Ltd (DCDC), and the remaining 340 acres TCIG owned in the Turks and Caicos Islands. As of 30 June 2005, Dellis Cay had no Development Agreement, therefore no zoning, no permits, no water, some roads, and an underground electricity line passing through the island.
Turks Ltd bought the island for US$18 million.

Dr.Cem Kinay first arrival on Dellis Cay 2005
Categories
BREAKING NEWS

Dr.Cem Kinay: Joe Grant Cay Purchase was Fair and Just

JOE GRANT CAY PURCHASE WAS FAIR AND JUST.

Statement of Dr Cem Kinay
with respect to Joe Grant Cay Undervalue Allegation

Istanbul, Turkey – 2February 2016

I have read in recent news that it is alleged that Joe Grant Cay, a Crown land, was valued at $75 million but was sold to my companies for $3 million.

I can not afford lawyers as Turks and Caicos Islands Courts have frozen all my worldwide assets not allowing me to spend any funds towards my right to defend myself and my companies, but I will make this statement today to set the record straight.

The allegations against Joe Grant Cay and myself are totally baseless. It is claimed that 200 acres of the 710 acres of the Joe Grant Cay Island was purchased at an alleged undervalue in June 2008. The undervalue claim is based on a set of confused valuation reports prepared by the Government’s Valuation Officer, Mr. Shaban Hoza which was different from the valuation report prepared again for the Government, instructed by Hon. Governor Richard Tauwhare in June 2008 , by an independent accredited commercial appraiser in TCI, BCQS who valued 200 acres of Joe Grant Cay, at USD 3.2 million for commercial use, exactly the amount of money asked by the Government in June 2008, which my development companies have paid in full. It is significant that his Hon. Governor increased the price on the back of the BCQS valuation report from USD 2 million to USD 3.2 million.

Following our purchase, I have obtained 5 more valuation reports to justify the price of this transaction, 2 from local valuation companies and 3 from internationally repute appraisers: CB Richard Ellis and Ernst & Young in the USA; and Savills of UK which all agreed on similar valuation levels of the BCQS report which was the just and fair value of this Crown land.

The Development Agreement of Joe Grant on the other hand, was negotiated over almost 2 years with the Attorney General’s Chambers before Hon. Governor Whetherell and Hon. Rhondalee Braithwaite executed it on behalf of the Crown on 7 November 2008. Joe Grant Cay Development Agreement signed by Hon. Governor Whetherell does not contain any privileges, favors or better conditions than any other Development Agreements signed by him or any other recent development agreements signed by previous Hon. Governors. All negotiations were dealt over almost two years by the development companies professional management team, our lawyer Owen Foley at Misick & Stanbrook, my joint venture partner’s lawyer Mr. Chal Misick, Attorney General’s Chambers and TCI Invest.

For the past 6 years, I have been living stripped of my basic human rights and assets just because the TCI Courts have concluded in connection with a political donation made to Michael Misick on 9 January 2007 “there to be a very strong probability that the money was paid as a bribe in order to ensure that the Defendant companies obtained the benefit of the proposed (Joe Grant Cay) development” disregarding the evidence that I have sent, stating that I was “late” sending evidence to the trial. My appeals were rejected and TCI Government has taken Joe Grant Cay back from my companies only to sell the same Crown Land, Joe Grant Cay for USD 4.04 million in October 2013.

For those who doubt that the development of Joe Grant Cay is not innocent, I have the following to ask: We have paid 3.2 million in 2008 for this 200 acre land, 5 years later, the same land has been sold for 4.04 million in an open market transaction ! I ask you what happened to the alleged tens of millions of dollars that the Government and some of our opponents claimed that this land was supposed to be worth?

I have the answer: The alleged valuation of this island was a big lie ! Joe Grant Cay’s 200 acre was never valued more than what we paid for. That was the exact reason why many internationally repute valuation companies as well as all the local valuation companies have valued it at the exact value that we paid for it. That is why both Hon. Governor Tauwhare, and later on Hon. Governor Whetherell have approved and executed the sale of this 200 Acre land to us for USD 3.2 million, and that was why the sale was approved by the Attorney General, TCI Invest, Ministers, and the Premier and Hon. Rhondalee Braithwaite, Deputy Attorney General back then. Do you really believe that they were all ‘deceived’? and did not know what they were selling?

In fact, there was no “favor” from anyone for Joe Grant Cay. In fact, we have paid the true value of this land, and the shameless dark forces took away from us alleging the “undervalue” sale.

The people of Turks and Caicos Islands was going to benefit from Joe Grant Cay development as this project was going to provide a sustainable source of income for the local economy. Today, we could have celebrated the opening Dellis Cay, and the commencement of construction at Joe Grant Cay. These could have provided much needed employment opportunities. I have seen the progress in North Caicos with my own eyes during Dellis Cay’s construction and I have no doubt new businesses could have flourished both in North and Middle Caicos if we could complete what we had started.

In the past years, I have been victimized by politics. My assets were frozen and hundreds of people lost their jobs.

I am calling upon the TCI Government and the Attorney General to end these groundless accusations against me, return my assets, and clear my name as I have done nothing wrong. I have spent all my wealth in Turks and Caicos Islands, and lost most of my investments, lot of purchasers lost their investments too.

I still desire to realize my dreams concerning Dellis Cay and Joe Grant Cay. I have spent all my life in building my reputation. My life is full of success stories and honors. I intend to spend the rest of my life to defend these honors.

God Bless

Categories
BREAKING NEWS

Interview about Joe Grant in Turks and Caicos Islands

  • Dr Kinay, for this interview is the subject Joe Grant Cay in Turks and Caicos Islands. This Cay is one of the less known cays, and its story came up to the attention of the TCIlanders because of bribe allegations in Turks and Caicos. Dr Kinay, What is Joe Grant Cay?

 

Joe Grant’s Cay is a beautiful but remote, uninhabited 712 acres cay located in a remote section of the archipelago between Middle Caicos and Easy Caicos. It is accessible only by sea. The last time I took a boat to visit it, it took me 2 hours from Providenciales to get there. This Cay has no dock, no road, no electricity, no water neither any form of other infrastructure. It is inhabited like East Caicos. The cay is composed mainly of consolidated rock with the ocean frontages consisting of either sand or “iron shore”.   The elevation is low and the shallow water depths at some parts of the island for do not allow visitors to access other areas. These difficulties do not discourage us, as at the end, when properly developed, this Cay is a beauty.

 

We have bought 200 Acres of this island on June 20, 2008 from the Crown through a transfer of title executed by the former Governor., Hon Richard Tauwaree and on November 7, 2008, the former Governor, Hon. Whetherwell has executed a Development Agreement with us for the development of the whole island.

 

  • What is the role of you in this project?

 

When I first came to Turks and Caicos Islands in 2005, I had already my development company O Property Collection in Austria. This company is where I, and my partner Oguz Serim offer our development advice to projects. O Property Collection has, from the first days of this project, ,is acting as “developer” bringing its expertise, in construction, sales, marketing. The center of any development is people. Community is very important. My company’s vision is to create design driven projects. God has already placed a beautiful design for Dellis and Joe Grant, it is now up to us, with respect, to treat these beauties with the best architecture and standards there is.

 

  • What do you want to develop on this island?

 

We want to develop the island with an environmentally friendly Hotel and then Villas in the natural surroundings. We have retained top environmental engineers from Florida, and we already started the process of Environment Impact Assessment. We designed our project with a high class architect from italy, and have signed a brand and management Indent with a very famous brand. The most important consideration though is that this will be a low density and green development.

 

  • When you first heard of Joe Grant Cay? How did you get involved?

 

I first got interested in Joe Grant Cay In December 2006 when I was informed that negotiations with some developers for a proposed project on Joe Grant’s Cay had run into difficulties and I was asked whether I could be interested to take this development further. The Government already had a price for sale on the Cay, US$5 million according to a formal offer that the former Government had placed before the previous developers in November 2006. My initial views for the Cay was that it was a remote location, no infrastructure and it involved Crown Land, and that meant the need of a Belonger Partner. I was not familiar with this process as my first investment Dellis Cay, is a private transaction and does not involve any Crown Land.

 

  • Did you know any of the previous developers?

I understand form the discussions in the past months that there were a number of developers who wanted to take this Cay prior to my involvement in early 2007. I do not know and have never done any business with the gentleman named at the discussions at the Commission of Inquire,. whether in relation to Joe Grant’s Cay or otherwise.

 

  • Who is you local/belonger partner?

 

I was already heavily engaged in our Dellis Cay project, and having regard to the Crown land policy (of which I was then aware), I thought it sensible to have a belonger partner in the development. In that respect, a company called Oceanic Development Ltd owned by Don Gardiner became my partner. I respected Don very much whom I already knew socially. As you may recall he was the President of the Turks and Caicos Islands Tourism Board. I understood that Don was involved in the development prospects of Joe Grant Cay with the previous developers so he was very familiar with it. We have executed a Joint Venture Agreement with Don’s company in January 2007, and became partners in a company called Caicos Platinum Ltd, a company that was the recipient of the first formal offer of US$5 million from the Government back in November 2006.

 

 

  • When did you buy Joe Grant Cay.

 

See, that has never happened. We did not buy Joe Grant Cay. We bought the freehold of the 200 acres of Joe Grant Cay, and the rest (512 acres) is provided to us by a Conditional Purchase Lease through a development Agreement. I am not sure whether you followed it, but this island was first offered at US$5 million to Caicos Platinum Ltd, when that company was owned by previous developers. Then, 200 Acres of it (approximately 30%) was offered to us at $2 million in early June 2008, by the decision of Cabinet, led by His Excellency the Governor Richard Tauwaree. At the specific instance of the Government (and with some reluctance on our part given the risk to which we were thus being exposed in advance of the conclusion of a development agreement), we were asked to close the purchase of the 200 acres hotel parcel on an urgent basis, apparently because of very low cash flow issues at Government level. Having agreed to do so, the Governor again changed its mind, obtained a new valuation by a third party QS and informed us on June 19th, 2008 that the price of the hotel parcel had been increased to $3.2 million. We paid that price for 200 Acres and bought a portion of Joe Grant Cay on June 20th, 2008 on de day of Groundbreaking Ceromonie of Dellis Cay.Governor Tauwaree came in the afternoon to this Ceromonie,was very happy,that Joe Grant deal was finally closed after 1,5 years of negotiations.He congratulated me on the day,the funds of the transaction was in the account of government.

 

 

  • What about the Development Agreement?

 

You know, it took us almost 2 years from the first discussions, but 5 months after our acquisition of the 200 Acre parcel, in November 2008 to get a Development Agreement. I am not sure whether you re know but The Governor executes all major agreements on behalf of the Government. So, our that time new Governor HE Gordon Wetherell, Attorney General Hon.Rhondalee Braithwaite and our CEO, Director, Michel Neutelings have met for the execution of the Development Agreement.

 

  • Dr, Is there anything special in the Agreement?

 

All development agreements in Turks and Caicos Islands, usually have more or less the same provisions. However, we have an additional obligation on our part to pay 15% on the gross amount on the sale of villa lots in the development to the Crown. I am not privy to all development agreements in TCI but I am not personally aware of any other development agreement which contains an obligation of that nature. From the standpoint of the public, it is clear that if my partners and I make a major investment on Joe Grant’s Cay such that the price which a buyer might pay for a villa lot is greatly enhanced, the Government receives a corresponding benefit without any of the business risks undertaken by the developer. Joe Grant Cay was going to be a new source of income for the TCI Government and TCI islanders. This remote and unhabited island was going to be the home for a new hospitality project providing new jobs and opportunities for everyone. I would imagine that most of the ex middle caicos residents would returned to their home from their present endeavors in Providenciales. In summary, this project had a very important social aspect. I have on many occasions discussed these aspects with both Honorable Governors Tauwahare and Whetherel.

 

  • There was a discussions about the valuation? What you have to say on it?

Look, I am a developer, a businessmen. I got interested in this deal as the 712 Acres was available at US$5 million to a number of developers who apparently did not perform. I wanted to buy at this price. At the end, I have negotiated more than 18 months to get 30% of this cay at US$3.2 million. I took a significant risk by paying that price and closing that purchase without having a signed development agreement with TCIG, with no guarantee that we could carry out our development plan or acquire the rest of the Cay.

 

Now coming to the valuations, I understand from the Inquiry that under the leadership of the HE Governor Tauwaree himself, the Cabinet has sought a number of conflicting valuations both from their own valuation department and from a private commercial appraiser on June 2008. They have as the Cabinet, together with HE the Governor, have decided to take the valuation of the commercial appraiser as it reflected the market value.

 

Now, the question is why did they not picked the high value but the low value?

 

My answer is that the valuation of the land is obviously a matter for the Crown and for experts in that field. That is why I I have hired some of the leading experts in this field to assist me. What they say is simple: the Valuation officer has attempted to value this property by direct comparison to couple at Ambergris Cay, and sale listings from marketing brochures (and not actual transactions) at North Caicos Marina and Middle Caicos. I am told that those comparables do not come near being appropriate for the purposes of valuing Joe Grant Cay.

 

At Ambergris Cay, for example, lot sizes of between 0.32 – 1.85 acres each are compared to our project of 700 acres.   In addition, Ambergris Cay forms part of an established luxury brand, and considerable expenditure has been undertaken on the extensive infrastructure. I do not know if you know but Ambergis Cay has all its utilities underground, electricity and water, It is the only island in this country which has an underground sewer system. Everything is self-generated on the island, water making, the treatment of the sewer system. It has even an uncompleted marina that is not completed but obviously a port facility) including the inclusion of the biggest private runway (6,000 feet) in the Caribbean. Overall Ambergis Cay it is a self-sufficient island that has all of the amenities and can function, unlike North and Middle Caicos which has to have power on the sea cable from Providenciales. North Caicos Yacht Club is also a developed property, so no parallels to undeveloped land neither. We also understand that the valuer has used “sales brochure prices” in 2008. The Middle Caicos comparative is based on a sales listing as well, which was withdrawn from the market after 22 months listing period and not sold.

 

Now, that is what experts say. These will all come out soon. Now if you ask me what I personally think. To me, the real valuation is what I paid. I paid US$18 million to Dellis Cay, a 500 acres island, of which 200 Acre is private land. Dellis Cay is only 20 minutes from Leeward Highway, it had PPC Electricity cable in it, for plenty of electricity, and it is next to world renowned Parrot Cay. I think that we have paid for the 200 Acres at Joe Grant Cay reflects the fair market price at its present state and that is “undeveloped” land at a remote location for commercial use. That is what it is.

 

Later on, we have asked both local and international professional valuation firms to conduct a full analysis and report an official valuation of this island. All these reports have confirmed the value that we have paid to Joe Grant Cay’s 200 acres and the lease agreements that we have entered with the TCI Government. In any case, after the World Economical Crisis starting in November 2008 and onwards land values have significantly eroded all around the world and especially the Caribbean.

 

  • But Dr Kinay what is the benefit of this Project to the TCIslanders? What do they get?

 

Look, The government did not simply sell a piece of land, they entered into a development agreement for the development of that land. If I can not develop it on time, and spend the money that the Government wants me to spend on it, than they will get back. It is in the Agreement. It is ours as long as we spend money on it. You know how much? My Development Agreement says I need to spend US$120 million on this cay in a fixed period of time. We estimated that the construction will take 2 years and create at least 150 new local jobs. Once the island is fully operational it will require at least 70 locals to manage it. As I have already mentioned, in addition to the purchase price of the land of the hotel site, we will pay 15% of our Villa sales on the 300 Acre Villa Lots and this goes straight to the Government’s budget. Not to mention, the usual development agreement obligations such as the Annual Scholarship payments, duties, work permit fees, the rents paid under the leases, stamp duty benefits accruing to TCIG arising out of sales in the development and the boost to the tourism economy of TCI.

 

  • Dr Kinay, you lost a court case concerning Joe Grant Cay? What will happen now?

 

I received the Turks and Caicos Islands Court’s judgment concerning Joe Grant Cay. I also received TCIG’s Press Release. The judgement is grossly unfair and Joe Grant Cay development companies are currently appealing it. I could not afford lawyers as Turks and Caicos Islands Courts have frozen all my worldwide assets not allowing me to spend any funds towards my right to defend myself and my companies. Looking at the Judgment, in essence, His Hon. Justice G W Martin has concluded in connection with the political donation of $500,000 made by Dellis Cay’s parent company Turks Development LP (the Court states the donation was from ‘Dr Kinay’) to Michael Misick on 9 January 2007, the Judge found (paragraph 33) “there to be a very strong probability that the money was paid as a bribe in order to ensure that the Defendant companies obtained the benefit of the proposed development” disregarding the facts that the Defendant companies did not even exist at that time, and that the donation was made by Turks Development LP, a company developing Dellis Cay, not related in any way to Joe Grant Cay . His Hon Judge further observed (paragraph 41): “I emphasise that this judgment should not be treated as a conclusive finding that any individual has acted corruptly.  Nobody should be declared corrupt if he has not had the opportunity to defend himself at trial, and that has not happened in this case.’ These statements did not make the Judgment just and fair, the basic principle of law.

 

On the matter of Joe Grant Cay’s valuation, His Hon Justice completely ignored the Government’s valuation report obtained from BCQS, an independent commercial appraiser who valued 200 acres of Joe Grant Cay, at USD 3.2 million for commercial use, exactly the amount of money asked by the Government in June 2008, which the development companies have paid in full. His Hon Judge ruled (Para 36, The Judgement) ‘When instructing BCQS to give an alternative valuation, McAllister Hanchell did not tell them of the proposed development, so that their valuation made no allowance for the intended use of the land.’. The Learned Chief Justice has failed to recognize that BCQS valuation report specifically stated on Page 7 Item 3.5 ‘It is assumed that planning permission is available for the subdivision of the land for residential plots or for a commercial use.’ By ignoring BCQS’s clear statement specifying that Joe Grant Cay valuation report is prepared for “commercial use”, The Hon. Chief Justice presented an unbalanced approach for the benefit of the Plaintiff. The Court’s omission of BCQS’s written representations in their valuation report is not something that I can live with and we will be pursuing the reasons for this material error.

 

First, the Commission of Inquiry’s publication of unredacted Final Report despite the TCI Supreme Court’s Order not to publish the unredacted Final Report cost Dellis Cay its business and caused the funders to pull their finances, now Joe Grant Cay Development companies are striped of their rightfully obtained assets.

 

It is clear to me that there is a set political agenda which is geared to restructure the political landscape at the Turks and Caicos Islands and we are chosen as the main victims. I repeat categorically that I reject all accusations, and state that we are innocent

 

For those who doubt that the Development of Joe Grant Cay is not innocent, I have only one question: Had the alleged privileges, favors or better conditions been present in the acquisition of 200 acres of this island, or in the Development Agreement, why both Hon. Governor Tauwhare, and the present Hon. Governor Whetherell would have executed these on behalf of the Crown? Both Hon Governors are experienced public officials, with history of making land transactions, and executing Development Agreements on behalf of the Crown. Why did they approve these transactions if the preferential treatment was all over the documents that they have signed?

 

All these contracts, and 200 acres land sale were approved by the Attorney General, TCI Invest, Ministers, the Premier, and executed by 2 Hon. Governors. The Government and both Hon. Governors had 2 years to conduct due diligence. Do you really believe that they were all ‘deceived’? and did not know what they were selling? That is the real question the Turks and Caicos Public must ask.

 

I have faith in the law, and I will look for justice until I find it.

 

  • What are your long term goals?

 

I did not come to Turks and Caicos Islands, to do few projects and go back to anywhere. I will stay and work here for many years. When Dellis Cay and Joe Grant Cay will one time open, my children, together with the young generation of Turks and Caicos Islands, will be proud of having these developments, in remote locations and will have fun.TCI er will be proud about it too.

 

Categories
BREAKING NEWS

STATEMENT OF DR CEM KINAY WITH RESPECT TO THE JOE GRANT SALE.THE TRUTH.

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Statement of Dr Cem Kinay with respect to the Joe Grant Cay’s Sale

Istanbul, Turkey 18 December 2013

I understand from Turks and Caicos Islands media sources that a 200 acre parcel of Joe Grant Cay has been sold for $4.04m in October 2013 in a transaction that was never made public.

I was sure that one day, the truth about Joe Grant Cay’s true value will come to the light, Today, is my day. For the past 6 years, I have been living stripped of my basic human rights and assets just because the TCI Courts have concluded in connection with a political donation made to Michael Misick on 9 January 2007 “there to be a very strong probability that the money was paid as a bribe in order to ensure that the Defendant companies obtained the benefit of the proposed (Joe Grant Cay) development” disregarding the fact that there was in reality no benefit at all, as we have paid the true and accurate value of this land which was USD 3.2 million for the same 200 acres parcel back in 2008.

More specifically, on the matter of Joe Grant Cay’s valuation, His Hon Justice completely ignored the Government’s valuation report obtained from BCQS, an independent commercial appraiser who valued 200 acres parcel of Joe Grant Cay, at USD 3.2 million for commercial use, exactly the amount of money asked by the Government in June 2008, which my development companies have paid in full.

What is more astonishing was the fact that His Hon Judge ruled (Para 36, The Judgement) ‘When instructing BCQS to give an alternative valuation, McAllister Hanchell did not tell them of the proposed development, so that their valuation made no allowance for the intended use of the land.’. The Learned Chief Justice has failed to recognize that BCQS valuation report specifically stated on Page 7 Item 3.5 ‘It is assumed that planning permission is available for the subdivision of the land for residential plots or for a commercial use.’ By omitting BCQS’s clear statement specifying “commercial use” in its report, The Hon. Chief Justice violated our right to a fair trial, and unfairly favored the Turks and Caicos Islands Government by omitting what the true valuation report states. Instead, the Hon. Chief Justice relied on a series of valuation reports prepared by the Turks and Caicos Island’s own employee Mr. Hoza, which are at best confused. Mr. Hoza’s valuation reports valued the 200 acre parcel at a whopping 45 million for commercial use!

For those who doubt that the Development of Joe Grant Cay is not innocent, I have only one question: We have paid 3.2 million in 2008 for this 200 acre land, and today, 6 years later, the same land has been sold for 4.04 million in an open market transaction ! I ask you what happened to the alleged tens of millions of dollars that the Government and some of our opponents claimed that this land was supposed to be worth?

I have the answer: The alleged valuation of this island was a big lie ! Joe Grant Cay’s 200 acre was never valued more than what we paid for. That was the exact reason why many internationally repute valuation companies as well as all the local valuation companies have valued it at the exact value that we paid for it. That is why both Hon. Governor Tauwhare, and later on Hon. Governor Whetherell have approved and executed the sale of this 200 Acre land to us for USD 3.2 million, and that was why the sale was approved by the Attorney General, TCI Invest, Ministers, and the Premier.

In fact, there was no “favor” from anyone for Joe Grant Cay. In fact, we have paid the true value of this land, and the shameless dark forces took away from us alleging the “undervalue” sale. The evidence is before you, the same land is now sold for USD 4.04 million after 6 years.

In the past five years, I have been victimized by politics. My assets were frozen and hundreds of people lost their jobs. I could have developed Joe Grant Cay and create much needed jobs, and further tourism income for Turks and Caicos Islands. I was denied my fundamental right to a fair trial in TCI, a red notice application has been filed with the Interpol for my arrest. I am calling upon the TCI Government and the Attorney General to end these groundless accusations against me, return my assets, and clear my name as I have done nothing wrong.

God Bless

Categories
News

Joe Grant Cay Land Sells For $4m

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Joe Grant Cay Land Sells For $4m

Joe Grant Cay is home to 18th century ruins, a protected harbour and some of the country’s finest vistas
A LARGE plot of Crown land on the remote island of Joe Grant Cay was sold for $4.04m in October in a transaction that was never made public, the Weekly News can reveal.

This week Sotheby’s, the real estate company dealing with the sale, told the newspaper that a commercial developer purchased the 200 acre plot – once valued at $50 million – months ago.

TCI mortgage providers Temple Financial Group pushed through the sale of the land in order to recoup millions of dollars in outstanding Government debts.

The debt was originally created five years ago when the company awarded a $2.4 million mortgage to a prominent developer to purchase the sizable plot on the cay.

But he was later accused of corruption and following a lengthy civil recovery case the Government took back possession of the land – along with responsibility for the mortgage and the growing interest.

Temple gave the Government an opportunity to sell the land themselves to repay the debt and it was advertised on the Sotheby’s website for sale at $6.9 million.

But after a year and a half without a bite the company obtained ‘power of sale’ and finally offloaded the land for $2.8 million below its advertised price.

Power of sale gives the creditor the authority, upon default in the payment of a debt, to advertise and sell the property at public auction, without resorting to a court for authorisation.

Following a request for information, Sotheby’s broker Joe Zahm sent the Weekly News an email that explained: “Lot 25 ONLY sold for $4,040,000 in October. The rest of the island remains in TCIG control.”

The cash will pay off the Government’s debt with Temple Financial Group and any remaining will be put into the Government’s coffers.

However it is currently uncertain how much interest the mortgage accrued and if there is likely to be any money left over from the payment.

Minister of Finance Washington Misick told the Weekly News on Thursday (December 12) that he had not been briefed on the sale.

He explained that just months ago Temple Mortgage would have obtained “power of sale”.

But Misick added that he was unaware of any further details including whether the $4.04 million was more or less than the amount owed to Temple.

Meanwhile when asked why the transaction was not made public Premier Rufus Ewing on Thursday told the newspaper that the sale had “nothing to do with” the Government.

“A great portion of Joe Grant Cay is still owned by Government but the part sold is not a part of the Crown land there,” he said.

The development of remote Joe Grant Cay, located just east of Middle Caicos, was announced in mid-2008, shortly before the worldwide recession tightened its grip on the Islands.

Home to 18th century ruins, a protected harbour and some of the country’s finest vistas, the 710-acre cay was tipped to provide abundant job opportunities for local residents.

However Turkish-born developer Cem Kinay, who also headed the massive development at Dellis Cay, attracted a wealth of scrutiny during the 2008 Commission of Inquiry.

It was claimed that he purchased Joe Grant Cay for $7.7 million after it was valued at $178 million in June 2008.

This followed the payment of a $500,000 political donation to the PNP just a year earlier.

On June 24, 2010, the development agreement between the Kinay’s Star Platinum firms and the Government was terminated.

And that July civil recovery lawyers fought to have land on the tiny cay returned to the Crown along with damages and costs.

After initially filing a full defence, the Star Platinum companies then defaulted on court orders.

They were asked to provide further and better particulars of their defence, but did not do so in time, and the defence was struck out.

As a result, the Government opted for trial by evidence or admissions which took place in June 2011 at Providenciales Supreme Court.

Following lengthy civil recovery proceedings the recently resigned Attorney General Huw Shepheard released his judgement in TCI’s first major civil recovery case.

He said that there was “no satisfactory explanation” for a $500,000 political donation made by Dr Kinay to former Premier Michael Misick on January 9, 2007.

The judge added that there was “a very strong probability that the money was paid as a bribe in order to ensure that the defendant companies obtained the benefit of the proposed development”.

However, because the defendant did not show up to court to offer his evidence, Shepheard stressed that “nobody should be declared corrupt”.

Dr Kinay – bestowed with Belonger status by Misick’s former Government – has always denied allegations of corruption.

He also previously vowed to recoup all losses incurred by his firms as a result of the civil recovery team’s work.

The court ordered the return of the whole of Joe Grant Cay previously bought for $7.7 million to the TCI Government.

However one 200 acre parcel of land, which Kinay bought for just $3.2 million, was subject to a charge in favour of Temple Financial Group.

Star Platinum companies had borrowed $2.4 million from the company’s operating division Temple Mortgage and granted it a charge over the land as security.

TCIG “reluctantly concluded” that it had no choice but to sell the parcel of land in order to pay off what was owed.

In May 2012 Sothebys, instructed to act for the Government, placed parcel 30101/25 on the market for sale.

Earlier this year Temple forced through the sale of the land in order to repay the Government’s outstanding debts.

David Knight, chief executive officer of Temple Financial Group, was unavailable for comment .
Published in TCI Weekly News

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Categories
News

JOE GRANT SCANDAL IN TURKS AND CAICOS ISLANDS

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The below article ,published in June 2012 in SUN

By Royal S. Robinson, MBE
The Interim Administration continues to try to have its cake and eat it as well as to operate in a very non-transparent way. When you take into consideration the premise on which they took over the country from the duly elected local representatives, the actions so far have not been to show you how best to get the job done, but how best to carry on the process by which cronyism is the hallmark of the day and picking winners of your own choosing is the best was in which to do business.
The British Government, FOC, DFID, SIPT and the Civil Recovery team declared that the original sale of land by the TCI government to Platinum was a corrupt transaction and as such should be recovered and redound to the benefit of the people of the Turks and Caicos Islands. Steps were taken through the Court system to have the land returned to the Crown and the court agreed that the land should be returned. No sooner than this exercise was completed (Platinum seem not to take an interest in appealing the court’s decision), there seems to be a concerted effort being made to now ensure that the Turks and Caicos Islands’ people do not benefit effective from the return of that land.
The first part of the deception and deceit started with the decision to sell the land to satisfy a mortgage that had been placed on the property by Temple as a result of Platinum borrowing some $2M and using the property as collateral. My understanding of the legal system is that if a leaf of the fig tree is tainted, then the whole tree is tainted. As it relates to this particular transaction, if it was corrupt for Platinum to obtain the land in the first instance, then any subsequent transaction had to be corrupt also.
So why was there a rush on behalf of the Interim Administration to satisfy Temple Mortgage? There can be one inference to be drawn and that is that someone in the Administration or very close to the Administration had something to be gained by the sale of the land by the government to satisfy the debt to Temple!
According to all previous pronouncements by the Interim Administration, all of the land that had been reacquired as a result of some fraudulent activity would be kept in the land bank for future generations to benefit from. So what is the real rush to dispose of this land at this time? Something smells fishy here.
Now in the proper scheme of things, if the Interim Administration had a real reason to dispose of the land for the benefit of the people of the Turks and Caicos Islands, the first thing it should have done was to specifically say so. Following on from that, it should have issued a Request for Proposals. If as they like to claim they are operating in an open and transparent manner, and they want to get the best value for money, that is what would have happen. But they have decided to pick winners from “their side of the ledger”. What is that called? Is it Insider trading? Or is it nepotism? I thought those were the common faults and flaws identified by Sir Robin Auld as being part of the systemic weakness and corruption in the previous political administration that had to be rooted out. But like Courtney Missick likes to say, corruption has only changed its colour, from black to white!
Now let us look at the local firm that got to market and sell the 200 acres of land on Joe Grant Cay. It is Sotheby’s and its local affiliate is Connolly-Zahm! Is it just coincidental that one of the principals of Connolly-Zahm if Mrs. Josephine Connolly, the wife of Advisory Council member Joseph (Joe) Connolly? As Ernie Clarke likes to say “I have the documents”. I will definitely like to see the documents showing that there is no nexus at all!
The old Finance and Audit Ordinance and Financial Instructions, followed by the now brand new Public Finance Management Ordinance, all speak to a transparent process with respect to the procurement of services by government.
As I have indicated before, there should have been a tendering process set up and the firm with the best proposal selected to carry out the work. The worst case scenario would have been to short-list say six of the local real estate firm that have international connections and ask them to submit proposals, I could live with that. I would have thought that that would have given me some piece of mind that I would have been getting value for money.
What I still cannot fathom is how the governor fixed his mouth to call the initial land transaction of Joe Grant cay corrupt and it had to be returned to the people, but no sooner was that done, he is out there secretly trying to sell that asset. Something untoward must be afoot here. I just cannot for the life of me understand the amount of double standard that is being used by this Interim Administration, save to say that a concerted effort is being made dispose of everything of value that belong to us, in a manner that they feel and say that it is in our best interest so to do.
I have never seen so many thing done in my best interest, that am totally opposed to as is happening with these bumbling idiots at the helm. As time progresses, everyone is seeing that the Emperor has on no clothes and is operating in a clueless manner.
How the Interim Administration hopes to be able to get away with such blatant disregards for the rules that they say they came here specifically to enforce and demonstrate the ethics of doing things in the proper manner?
However, what they have and are demonstrating to us is that what we were doing was child’s play and they are certainly showing us how bad business should operate. That does not give us faith and comfort in these operators. That is why on the streets there is now total skepticism as to the real reason the intervention took place.
We must by now be in a position to determine for ourselves that what is currently being done to us is neither right nor fair! The reset button has now been pushed by the setting of the date for elections. We should all go out and get registered so that we can send a clear and unambiguous message to the Interim Administration that business as usual will not be the order of the day. Joe Grant Cay has not been sold as yet and it is not too late to restart the process on a proper footing.
There cannot be a rush as there is a surplus budget proposed, so the money from the sale is not critical to our financial position except that the Interim Administration is hell bent of getting from under the loan guarantee as quickly as possible and to hell with whatever adverse consequence to the Turks and Caicos Islands people!

published in Sun TCI

Categories
News

British Developer Pleads Guilty in Turks and Caicos Islands Corruption Case

British developer pleads guilty in Turks and Caicos corruption case
Published on June 3, 2013

PROVIDENCIALES, Turks and Caicos Islands — British developer Richard Padgett pleaded guilty in the Turks and Caicos Islands (TCI) on Friday to charges of bribery and conspiracy to pervert the course of public justice by agreeing to present false or forged documents to a Commission of Inquiry.

At a plea and directions hearing on April 15, Mr Justice Harrison agreed that Padgett should be allowed to enter his pleas at the first reasonable opportunity. His case was adjourned to May 31, this being the next most convenient date for the judge to return to the TCI.

Padgett is currently suffering from ill health and in the opinion of his doctor is not fit to travel to the TCI, it was therefore agreed by the court that his pleas be entered from England, by a video link to the Supreme Court.

Padgett and the Crown were represented in both jurisdictions by counsel.

After his pleas of guilty were entered, the case was adjourned to September16 for mention as to the appropriate date of sentence.

Padgett, who has been on bail throughout the proceedings, remains on bail.

The TCI government also announced on Friday that it has settled all civil claims and proceedings against Padgett and his companies. That includes civil claims arising from the Third Turtle Development referred to in the report of the Commission of Inquiry, and a separate civil claim arising in relation to Crown land on East Caicos acquired by a company controlled by Padgett.

Under the settlement, Padgett has transferred to the government land valued at approximately US$7 million, and has made a cash contribution of $75,000 to the costs of investigating the claims.

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This takes total land recoveries made by the civil recovery team to 3,058 acres, in addition to $19.6 million in cash paid or to be paid to the government.

Attorney General Huw Shepheard commented: “We are pleased that these disputes have now been settled with the transfer to TCIG of a substantial amount of further land of significant value. This settlement brings to a successful conclusion the civil claims brought in relation to the major developments referred to in the report of the Commission of Inquiry. As reported, other claims and investigations continue to be progressed by the Edwards Wildman civil recovery team.”

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