Court acknowledges rights of new owner Alegria: Corallo’s IFPS has to stay away from Caravanserai

POSTED: 10/27/14 5:12 PM

St. Maarten – International Financial Planning Services (IFPS) has to remove fencing from a piece of land on the Caravanserai property in Beacon Hill within two days, the Court in First Instance ruled yesterday morning. The new owner of the resort, Alegria Real Estate, took IFPS – a company linked to casino mogul Francesco Corallo – to court after it discovered that it intended to begin construction activities on its property.

IFPS bought the land in the past from Kildare, an entity owned by former Caravanserai owner Haresh Manek for $1.5 million in 2011. The court later declared this purchase null and void, because Kildare had failed to ask the government permission for splitting the right to long lease on the property. This ruling left IFPS out of $1.5 million and without the land.

In August, Scotia Bank auctioned the property – including the piece of land IFPS bought in 2011 – for $12 million.

The court ruling authorizes Alegria to call in the help of the police and the justice system to remove the fencing if IFPS does not abide by the ruling. In that case, IFPS will bear the cost of the removal.

The court furthermore ordered IFPS not to violate Alegria’s rights to the property. IFPS is not allowed to place fencing or material on the land without Alegria’s permission. The penalty for violating this court order is 10,000 guilders per day.

It is likely that the attorneys for IFPS will oppose the ruling. When the case was on the docket a week ago, the IFPS-attorneys of the office of Eldon Sulvaran in Curacao were not present because they could not get a flight. Sulvaran asked the court therefore to postpone the summary proceedings (for four weeks), but the court denied this request.

According to information this newspaper received, the contested piece of the Caravanserai Resort is bordering the ocean. There is an outlying swimming pool, and a small toilet building. IFPS wanted to build a seven-story building on the location. The company has a building permit for the project, but without the rights to the land, it will not be possible to execute it.

Currently there is no apparent fencing present around the contested piece of land.

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Court acknowledges rights of new owner Alegria: Corallo’s IFPS has to stay away from Caravanserai by

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