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April 3, 2008 |
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CAP CANA: Land Court Judges Issue Arrest Warrant for R. Hazoury Judges Rafael Ciprian, Marino Alvarez and Luz Ubinas at the Superior Land Court of the Dominican Republic have issued an arrest warrant against Cap Cana President Ricardo Hazoury for contempt of court, Diario Digital reports. According to Diario Digital, Mr. Hazoury didn't attend a court hearing last Monday on alleged real estate fraud charges filed by the proprietor of several improvements. The case involves the "unauthorized mortgage of a property" of US$40 million. The judges placed an "impediment exit" against Mr. Hazoury, Diario Digital states. Cap Cana is located on the easternmost tip of the Dominican Republic, and is a few minutes drive from Punta Cana International Airport, which receives nonstop flights from large metropolitan centers in Europe, Canada and the USA. When fully developed, Cap Cana is expected to have six championship golf courses (three of which will be Nicklaus Signature courses, one of which was recently completed); one of the largest inland marinas in the Caribbean; several luxury hotels; over 10,000 housing units, including estate homes, villas and condominiums; numerous sports facilities, including golf, beach and yacht clubs; and a variety of high-end shops, restaurants, spas and entertainment complexes. Plans also include the development of a large ecological preserve. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Fitch Ratings affirmed the 'B' rating on Cap Cana, S.A.'s US$250 million senior secured notes. In addition, Fitch assigned a preliminary rating of 'B-' to the expected issuance of US$500 million in additional senior secured notes. DELTA AIR: Launches Food-for-Purchase Program in Caribbean |
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Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
