OP ED: by James “JB” Bryson
There is much more to this story if anyone is aware of what occurred when this building was being marketed. They tried to get my wife and I to purchase one of the residences. As I watch this unfold. maybe I one day speak to what I know about the company NEWLAND GROUP. I’ll just give you two words. BAD NEWS.
The private equity manager Orestes Fintiklis and the company he directs, Ithaca Capital Partners, yesterday extended a lawsuit in the federal court of Manhattan, United States, stating that two Trump companies did not pay taxes related to the management of the defunct Trump Ocean hotel Club , in Panama.
The information was published yesterday by ProPublica , a nonprofit press room based in New York. Donald Trump has always said that Fintiklis’ accusations are false.
According to the news, it was assumed that the entities under the Trump stamp had to retain money in advance and pay it to the Government, regardless of whether the property was profitable or not. Instead, the publication alleges, the Trump companies kept the money, “thus intentionally evading taxes.”
In March 2018 Orestes Fintiklis took control of the then Trump Hotel, located in Punta Pacifica.
The project was not owned by the president of the United States, Donald Trump, but it bore its mark as a result of an agreement reached with the promoters, who were to report to the magnate $ 1.2 million, in addition to a commission of 4% on the sales of the units. hotel, residences, offices and shops.
Faced with the failure to commercialize the property, the promoter Newland International Properties reached an agreement with Ithaca Capital to sell 202 of the 369 hotel rooms. In October 2017, Fintiklis, the main owner of the hotel, sent Trump Hotels a notice of breach of their duties, and filed an international arbitration to terminate the administration contract.