Unit Trust Cooperation TTUTC of Trinidad and Tobago & Dellis Cay/ Story of Dr. Cem Kinay Part 5

The Receivership of Dellis Cay through Unit Trust Cooperation of Trinidad& Tobago

  1. TTUTC is a financial services company (“the Bank”) operating in Trinidad and Tobago.  The Bank’s Merchant Banking department undertakes 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 my 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 strong letter of comfort that it had provided.
  • On 27 August 2009, I have met the Bank’s Board in their Board Room, in Trinidad. They asked about the Commission of Inquiry in Turks and Caicos Islands 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. Furthermore, we have provided a plan and additional security to the TTUTC. 
  • 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.
  • I had provided the funding bank, TTUTC a personal guarantee for the entire loan. On 22nd of January TTUTC has obtained “a worldwide freezing order/mareva with an ancillary disclosure of assets orderfrom the Supreme Court of Turks and Caicos Islands against me and my partner Oguz Serim. Since that date, proceedings continue. We have filed a counter claim against TTUTC, for the breach of confidentiality that caused our collapse, as their lawyers spread the word that they will put our company in receivership, well before the action was taken by them.
  • On January 2011, the Court has issued a Mareva Injunction against me and my partner. We have still this injunction.
  • I have appealed the decision on March 2011. To date the appeal is not heard.More as 10 years are gone without any progress.
  • Since the receivership of my companies, I could fund my personal expenses, and my legal costs from the proceeds of the sale of my personal house in Miami. The proceeds of the sale were placed in escrow by the order of the Court and I could only use it by the order of the same. 
  • The funds through sale of lots, villas or residences on Dellis Cay NEVER have been wired directly to the accounts of our company. The purchasers paid their installments into accounts of the TTUTC! TTUTC sent the funds after confirmation of their quantity survey to the construction company.
  • In the last months before receivership TTUTC stopped the wire transfers for progress of the construction works.
  • Publishing of unredacted report of Inquiry and following negligence of the TTUTC has brought the owner company of Dellis Cay in receivership.
  • Me, my partner and purchasers of Dellis Cay have lost all of their assets.
  • All the years after receivership all of our actions to find a solution with TTUTC and to continue with construction of Dellis Cay were without any result.
  • TTUTC has ignored any contact.
  • TTUTC has destroyed our and purchasers assets.
  • 12 years after receivership I am appealing for just and progress.
  • I am calling on Premier Hon. Washington Missick, Deputy Premier EJ Saunders and His Excellency the Governor Nigel Dakin to stop any transaction because of unlawful sale of my property and make me and my partners and purchasers a part of a solution for this development.
  • I am publishing one of several letters to TTUTC (the last one )


Wednesday, December 23, 2020

Mr. Nigel Edwards Executive Director TTUTC


Dear  Mr. Edwards

I hope that this letter finds you well. We have never met. I am Dr. Cem Kinay, the founder of Turks Ltd, the company that has being developing Mandarin Oriental     Dellis Cay at Turks and Caicos Islands until our business ran into difficulties due to the political crisis in the Turks and Caicos Islands back in 2009, some 11 years ago. I believe that the circumstances are very different now and there may be a possibility to continue to the development of my beloved project.

I am contacting you in order to communicate to you that I have investors interested to acquire Dellis Cay and in this regard, I would appreciate if you could provide my investors an opportunity to understand the current conditions for sale for this property that is in your possession.

It has been my effort to save Dellis Cay for many years, and I hope this time my investors can meet your requirements. My aim is to complete Dellis Cay as soon as possible

My investors and I are the best suited people to carry on this development, as we have the knowledge, experience, how to build on that island at affordable budgets. I don’t expect any other party to be able to deliver the same construction quality, speed, and cost within a short time-frame, i.e. 15 months from the  commencement  of  construction once we are all ready to commence Dellis Cay.

I have decided to approach you personally as I believe you can place me at the right direction.

I look forward to hearing from you.


Dr Cem Kinay

By Cem Kınay

With many important hotel investments and international awards, Dr. Cem Kinay is one of the world's most important names in the tourism industry.

As the founder of the Austrian, Vienna-based Gulet Turistik(1987) and Magic Life Hotels(1990) chain, he created the "All Inclusive" hotel experience for European tourists.

He managed the Magic Life Hotels chain, which has a total of 20,000 beds and 23 hotels in Austria, Turkey, Greece, Spain, Egypt, Tunisia and Bulgaria, with more than 8000 teammates, as the fastest growing and most successful hotel concept at that time.

Millions of guests were hosted during 15 years, in Sarigerme, Marmaris, Bodrum, Belek, Side and Kemer in Turkey, Kos, Crete, Corfu and Rhodes Islands in Greece, Arlberg in Austria, Hamamet in Tunisia, Mahdia, Djerba, Egypt Sharm El Sheikh and Nile.

In 2021, the establishment of the Anatolity Sustainable Culture and Tourism Foundation was started with Elif Dağdeviren.

In 2020 he did consultancy for construction of u

In 2019 he was founding board member for Turkey Tourism Promotion and Development Agency .

In January 2019 his book “Be Human.Be Smart “was published by Destek Publications.

In 2018 his first book, “Akıllı Ol.İnsan Ol” was published by Destek Yayınları.

2017 Cem KINAY founded Cem KINAY XPD Consulting, providing investment, concept design and digital transformation consultancy for domestic and foreign investors.

In 2014/2015 he was GALATASARAY SPORTS CLUB Board Member.

In 2012 he moved to Istanbul.

In 2009 he had to leave the island after the coup in the Turks and Caicos Islands and the seizure of power and projects by the British government.

In 2006, he was honored by the President of Austria with important and valuable awards such as the "Austrian State Order".

Under the management of Cem Kinay, Gulet Turistik and Magic Life Hotels chain won more than 50 valuable awards from important organizations.

2005-2009 As the founder of The O Property Collection, he made the investments and real estate development of the Mandarin Oriental Dellis Cay Hotel and Bulgari Hotel in the Turks and Caicos. In that years he worked with the world's most magnificent architects like Zaha Hadid, Piero Lissoni, Antonio Citterio, David Chipperfield, Shigeru Ban, Kengo Kuma, Carl Ettensperger and Chad Oppenheim.

In 2004, he sold his shares in the Magic Life Hotels chain to the German TUI group, he moved to Miami, lived in America and Turks and Caicos Islands until 2012.

2003 Opening of the first “All Inclusive” Magic Life hotel on the Spanish island of Fuerteventura.

2002 Opening of the first “All Inclusive” Magic Life hotel in Sharm El Sheikh, Egypt.

2001 Opening of the first “All Inclusive” Magic Life Nile Shiphotel on the Nile river in Egypt.

2001 Opening of the first “All Inclusive” Magic Life hotel in Varna, Bulgaria.

2001 the German TUI joined Magic Life hotel chain.

1998 The first Magic Life Jet was designed and started to fly in cooperation with Austrian Airlines.

1997 Opening of the first "All Inclusive" Magic Life hotel in Hammamet, Tunisia.

In 1997, he was awarded as "Man of the Year" by Austria's important economy magazine "Trend Magazine".

In 1996, he was awarded as the "Tourism Manager of the Year" by the Hotel and Tourism magazine "Traveller".

In 1996 Opening of the first "All Inclusive" Magic Life hotel on the Greek island Kos.

1995/1996 Opening of the first “All Inclusive” Magic Life Ski Hotel in the Arlberg / Austria.

In 1994 The first "All Inclusive" Magic Life Yacht gulet sailed in Bodrum.

In 1990 He founded with his partner Oğuz Serim the Magic Life Hotels Chain and opened the first "All Inclusive" hotel, Magic Life Sarigerme.

1977-1984 Vienna University Faculty of Medicine

1969-1977 Istanbul Austrian High School

1969 he graduated from Ağrı Alpaslan Primary School.

1958-1969 he lived in Aşkale/Erzurum, Diyarbakır and Ağrı.

He was born in 1958 in Istanbul Bakirköy.