Yes, indeed. Those massive piles of duplicitous bastards are back at it in good ol’ BOCAS DEL TORO.  Besides a glitzy website, RED FROG BEACH is nothing more than a massive pile of dogshit and debt. Love your addresses to the troops though, you still have a shitload of “Heaven’s Gate” type believers that a dipshit like you is gonna save the day.  NOPE, ship is sinking definitely and for certain.

The group known by its subsidiaries Red Frog or Bastimentos Holding tries to rescue its finances with accumulated debts of $17 million dollars. But the SMV (Panama’s regulatory Agency for Public Offerings) has not been notified nor given permission for such an offering. 

nation.pa@epasa.com

PanamaAmerica

https://www.panamaamerica.com.pa/economia/red-frog-busca-emitir-37-millones-en-criptomoneda-1211442         SPANISH

OPEN EDITORIAL

Photo: Epasa Group
Bocas del Toro /Funds /Taxes /Panama /Tourism

The Red Frog group of companies recognizes major tax debt. 

Red Frog Beach Resort, a company trying to develop a tourism project in Bocas del Toro, has accumulated a debt of more than $17 million dollars, according to its executive director, Joseph Haley in public documents. 

Apparently, he is now trying to avoid bankruptcy by issuing and placing of cryptocurrency for the amount of $37 million dollars, promising 15% returns in return. The release has been published on the SolidBlock crypto platform.

But the issuer raising this capital has not registered with the Superintendence of the Stock Market of Panama a requirement, despite the fact that it is raising this capital based on a development project promoted in the province of Bocas de Toro and Republic of Panamá. 

A public offering document signed by Haley, manager of Blue Sea Holdings (USA), owner of OGI, Bastimentos Holdings SA and The Red Frog Beach Resort, reveals that this conglomerate of companies is in great arrears or now deferring payments to its creditors.

However, the most alarming thing is that they owe more than $1 million dollars to different Panamanian government entities. It is also reported that the group faces a current debt of $16.8 million without the income to make the payments and service the debt. 

According to the published document, the group of companies recognizes a minimum of property taxes due in 2021 on property # 121 in excess of $75,000.   Also property taxes owed in 2021 on property #122 of $162,000.   An additional  $375,000 in commercial license debt to the government of Panamá.  $31,000 in ITBMS in Sales Tax owed.   $241,000 in customs taxes and $9,000 to the DGI (Panama’s Internal Revenue Service IRS, due since 2019, so it will be higher now the document states).

Other debts detailed in the report are added, among them the Red Frog Foundation owes the government $16,000.00 to the DGI (IRS), $11,000 to the municipality of Bocas Del Toro, $21,000 to the company Seguridad Constructora; $3,500 to the CSS (Social Security Department) $4,500 to the construction company Pilar Construction additional  Social Security Agency debt of $4,500.00.


Regarding other current debt, the group owes Global Bank $5,865,000; and miscellaneous clients of theirs and additional $6,500,000 (plus interest). In other specified lines of debts they note with third parties, it reports that de te exists to the Beach Club in the amount of $692,000.00; Assa Insurance Company $40,000.00; Ancon Insurance Company $25,000; Monies owed to the employee liquidation fund of $560,000.00; Fuller Yero and Associates Law Firm $63,000.00; José Pitti (attorney) $4,000.00; Global Bank Credit Card $14,000.00; Jupiter Consulting $110,000.00; BAC Bank credit card $8,000.00; Banistmo Bank $808,000.00; MGM Solar Fund $859,000.00; Luther Lawyers $4,000.00; Noack Little Architects $80,000.00; Delta Fuel Services $46,000.00; and Ricardo Severini $47,000.00. 

These are all delinquent debts, most past due, with penalties and interest that are currently unpaid.

In most cases deferred due to lack of funds to pay.  The paper tried to contact several people at Red Frog, but they all refused to comment on the matter.

For these reasons revealed in a private placement agreement, to which this news source had access, they are trying to raise $37 million in digital currencies where they offer projected returns of 15%.

“How can they offer this type of interest when they cannot pay their own debts?” asked a financial analyst consulted.

We contacted the Superintendence of Securities (Panama’s SEC) to find out its position regarding this public offering launch, but there was no response. However, they use their project in Panama as the support for said cryptocurrency.

Recently, the National Land Administration Authority (ANATI), through its resolution of June 29, 2022 ADMG-1325-2022, denied the titling request presented by the company Bastimentos Holdings S.A. ordering the denial and dissolution of file AL-313-2011.

The reason for denying and dissolving the application for title was that the property that they were trying to title is in fact already a titled property duly registered and inscribed to a third party in the Public Registry, which the company Red Frog Bastimentos Holdings Holdings (formerly Theobald Inc) lost the decision in the Supreme Court in 2011 regarding who was the rightful legal own