The Trump Ocean Club, this shining example of Panama's business climate, touted by officials and promoters alike as an example of how well things are going on the isthmus under our "government of entrepreneurs" that even Trump invests here (he doesn't), well, this ugly pirated copy of the Burj al Arab hotel in Dubai is in serious legal trouble.
Or so we read in La Prensa: Various buyers are suing the Trump Club for breach of contract and loss of value of their purchases because of delays in construction and finishing. Others lost their down payment because they bought through Homes, a swindle tied to David Murcia which somehow got to resell the Trump Club condos. We're talking millions and millions of dollars.
And that comes on top of the Trump Club defaulting on its debt. The developer, Newland International Properties Corp., issued $220 million in bonds to finance construction, and now they can't even make the debt payments. They're trying to negotiate a deal out of this mess with the bondholders, but with legal demands also piling up against the project that probably won't go very far.
So, we might be looking at a messy bankruptcy here. Sucks for those who are involved in it, but at least we won't have to hear all this bullshit hype any more.
Yes, this is becoming so indicative of business as usual here in Panama!
It seems even the Money Launders are having a tough time raising capital!
Most if Not all the Mega Government Projects are in the same or near the same financial shape and Position as Trump(at least the tower was completed) LOL!
Except, here the Panamanian Government has now borrowed just over $60 Billion and climbing for all these mismanage monetarily underbid Mega Projects, just in the last two years.
Just how is Panama to pay even the interest on the Bonds and Loans, especially after all the finder fees, kickbacks and bribes taken upfront?
With all the Cost overruns and inflated costs of substandard materials used in these Mega Projects, Panama will be looking at over $50 to $90 Billion in additional costs, Still these mega projects will never be completed on schedule.
“Panama where the numbers never add up”
Dr Dias is right even the part of Panama I live the money laundering projects that Started after the crash of 2008 can only keep themselves in new SUV’s and I’m talking in your face money laundering!
Their savior is the lo9cal small town, provincial and district politicians that love there extra quincena.
Of course nothing has been built nor can it or will it ever be based on their artist renderings and animated pre sale videos.
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