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Bonaventure Resort Development Slapped with Million Dollar Penalties in Panama

Article Summary:

Society Tourist Development Buenaventura, SA, owned by the former Minister of Economy and Finance in Panama Alberto Vallarino, was ordered to pay $ 1,250,766 to Metrobank, SA. as a result of missing an agreed upon transfer- payments. The $40 million resort says it has evidence to counter the non claim of of Metrobank, there is a pending court date in late February.

Photo Credit: La Estrella

Original Article Text From La Estrella via Google Translate :

Bonaventure Resort Development Receives Millions in Panama Penalty

Society Tourist Development Buenaventura, SA, owned by the former Minister of Economy and Finance Alberto Vallarino, was ordered to pay $ 1 million 250 thousand 766 to Metrobank, SA The Court Thirteenth Circuit Civil Circuit of Panama established on 16 January that tourism project developers had to pay under the contract of ‘Credit Line’, signed in October 2007.

REASON
Metrobank and Buenaventura would make the project ‘The Bristol Hotel Buenaventura’, an entertainment complex next to the sea that had a cost funding of $ 1 million 828 thousand.

But in less than two years after the initial signing of contracts, the bank decided to sue Buenaventura. On August 19, 2009, the Court granted the application filed by Metrobank, Ploto SA against SA and Buenaventura.

LITIGATION
The complaint that Metrobank, SA before the court, shows how the applicant submits and qualifies as “undeniable that the debtor, Bonaventure having been notified of the transfer-payments should be done, but unfortunately, the developer stopped making agreed payments in breach of contract and disregarding the primary obligation was contracted by signing construction contracts. ”

The defendant, Buenaventura, tried to defend herself. However, the exceptions, which consist of allegations that a defendant may present to a judge, failed to prevent the final sentence given by the court. The record says that 27 and 28 February 2011 were admitted the documentary evidence submitted to process.

REACTION
The Star yesterday tried to contact Fernando Duque, legal representative of Buenaventura, SA, by phone and through its public relations agency, but no response was obtained.

PROJECT
Despite the legal problems, the promoters of the work have Disclosure kept finding customers. The hotel project with an investment of approximately $40 million. Last year, his legal representative said that “Buenaventura is the first community in Panama that was planned based on a master plan, and is serving as a model for other projects in South and Central America.” Moreover, among the projects Duke goes well Buenaventura in Farallon, are Embassy Club, Embassy Village, Santa Maria and the latest Casamar.

Unlike resort in the city, the hotel ‘The Bristol’ was exempt from property taxes by Tourism Authority of Panama, according to Official Gazette No. 26966 of February 4, 2012.

Link to Original Article:

From La Estrella

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