RED FROG: continues to illegally sell properties owned by Tres Cruces de Oro





La Crítica 6/22/2021


The Tres Cruces de Oro group, a subsidiary of Six Diamonds Resorts International, denounced the fact that the Red Frog Beach group continues to sell lots and land within its property in Isla Bastimentos, despite the fact that in January of this year the Supreme Court of Panama decided definitively that the Red Frog groups occupation of the land was illegal.  Better stated, Tres Cruces de Oro was recognized as the absolute owner of the two parcels of land after a legal dispute that lasted 15 years, which thus far has prevented the development of the most important tourism project that has been proposed on the Island of Bastimentos.

Tres Cruces de Oro affirmed that as they were preparing to start the construction of their project; Red Frog and it’s company Bastimentos Holdings, continues to illegally sell and promote properties within the property limits of Tres Cruces whose property is duly titled and registered in the Public Registry, which is a clear Fraud and Scam.
He pointed out that the Supreme Court and ANATI ordered Bastimentos Holdings property boundaries to be amended changing the limits of the Red Frog property that are adjacent to the Tres Cruces de Oro properties, but the advertisements on the internet by Red Frog reveal that they have not respected the decision of the highest judicial body. Bastimentos Holdings and its CEO Joseph Haley have known since 2011 that its property limits were ordered to be corrected after losing in the Supreme Court, but did not acknowledge to its own clients that they indeed did not own the property that was in dispute.
Tres Cruces de Oro indicated that this legal dispute had not allowed them in over 15 years to develop their tourism project  on Polo Beach, Isla Bastimentos.  Following the court’s decision, this year, the group has been scheduled to start their development plans again, but now they observe that Red Frog is still reluctant to comply with the courts orders and respect the private property of Tres Cruces.
“We have already turned the page of the legal processes invented and presented without foundation by Bastimentos Holdings. We won in the Supreme Court, we won in the lower courts, in the Attorney General’s Office, and in Anati. Right now and finally we are focused on proceeding with our project and new civil cases for damages against Red Frog and its leaders, ”said the company.
He also reported that later this week Six Diamonds will update their website to show all of the multiple legal victories that occurred in 2020 and 2021 versus Red Frog. “The idea is to give access to all of the local, national and international authorities as well as those who have invested in the Red Frog project. Bastimentos Holdings should return the monies to the people whom they sold land on our property and remove immediately from their website our property and the sales they are offering that exist such as Lot 411 and 418, which today you can see for sale for $349,000.00 and $ 395,000.00 “Said Tres Cruces de Oro.
The company warned that any person or legal entity “that threatens their properties or the Tres Cruces Isla Bastimentos tourism project will be duly denounced and legally prosecuted. This includes any economic or reputational damage caused to our group.
Richard Kiibler, representative of Tres Cruces de Oro, pointed out that the Bastimentos Holdings group is responsible for their groups failure to develop the project on the island in Bocas del Toro.
“They have made us go through two consecutive titling processes for the same properties in Anati where they put any and all resources possible to delay and delay our process; But the Law finally prevailed and we have both our properties now titled and certified by the Public Registry, ”said Kiiber.
He announced that the project to be built by Tres Cruces de Oro has been designed for years, where they have invested millions of dollars in plans, marketing studies and in contracts with international hotel operators.  At the beginning of construction, more than 100 direct jobs and more than 300 indirect jobs will be generated on Isla Batimentos.
“The behavior of Bastimentos Holdings, represented by Joe Haley, of accusing us of being land thieves and speculators could not be further from the truth. They will face multi-million dollar lawsuits for damages now that we finally have our properties certified and registered in the Public Registry, we have a team of lawyers in Panama and the United States working long hours on eminent legal actions everything factual, well supported and documented against Bastimentos Holdings, and its principal representatives Joseph Haley and Steven Bolton, ”stressed Kiiber.
Now “they keep trying to distort the truth and manipulate the public opinion of the local authorities and their own investors. Everything I mention, we have documented on a website:, “said Kiiber.
On January 6, 2021, the Third Chamber of the Court denied the last appeal to Bastimentos Holdings, the owners of the Red Frog project and Oceans Group Internacional, in its 15-year dispute for the two large properties on Polo Beach, previously owned by Perlito Narvise, who sold to Tres Cruces de Oro. Tres Cruces is a subsidiary of Six Diamond Resorts International that will develop a luxury project on the Isla Bastimentos property.
The National Land Authority (Anati) and the Supreme Court of Panama with a ruling from its Civil Chamber back in February 11, 2011, had put an end to a long dispute over two properties on Isla Bastimentos of 22 hectares in favor of the Tres Cruces de Oro, which has had to legally continue to fight for the property that they acquired from the famous local Perlito Narvise Ayarza.
Bastimentos Holdings, the owners of the Red Frog project, appealed everything to the end with their intention to try and take over the properties owned by Tres Cruces but the Court closed the case denying Red Frog exhausting their last appeal.
At ANATI, Bastimentos Hodings also suffered the same fate. On July 2, 2019, Anati again recognized the possessory rights in favor of Tres Cruces de Oro over property numbers 378225 and 404806, a 22-hectare assemblage with a beachfront, and ordered to award the properties to be titled in favor of the Tres Cruces group.
The award was supported by a final inspection of the once disputed lands on April 17, 2019, establishing that the company Theobald Inc, now Bastimentos Holdings, tried to expropriate these lands “under the pretext that they were part of their own property number 122” and that the true and rightful holder of the possession rights of these two properties  is Narvise Ayarza, who sold his rights to Tres Cruces de Oro.
The publicly elected representative of Isla Bastimentos, Ashburn Dixon, has also stated that the owners of Red Frog do not only have land problems with Tres Cruces de Oro, but with the entire town of Isla Bastimentos. “They want to illegally take over the entire island. They are selling properties without being the owners of the land (referring to Red Frog), and this is a serious problem that the Government has to investigate, because until now the complaints have been filed and they are not prospering because there is a lot of corruption, ”said Dixon.


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