Mafia-link allegations hurt Corallo’s business

POSTED: 01/20/13 7:59 PM

St. Maarten – The letter from Dutch Ambassador Fons Stoelinga to former Prime Minister Gerrit Schotte in Curacao that contains references to alleged ties between Francesco Corallo and the Sicilian mafia has had dire consequences for the owner of the Atlantis World Group and B Plus Giocolegale.

Corallo wants the Dutch state to rectify the mafia-allegation. His attorneys Raymond de Mooij and Arthur de Groot revealed earlier this week that the Gaming Control Board in Curacao refused to give Corallo a new casino license. These permits are issued once every three years. The refusal “forced Corallo to sell his shares in the company to an unrelated person. He has not been able to sell these shares at market value,” the attorneys stated.
A second consequence of the mafia-link reference is that the CIBC First Caribbean bank in St. Maarten has taken accounts of entities where Corallo is the manager or where he is a shareholder under review. The bank does not want to enter into new business relationships with Corallo, the attorneys said.
A third consequence the attorneys mentioned concerns an $8.4 million mortgage that he is forced to repay. “This cannot be paid from equity capital. This would mean expensive re-financing or transactions with assets.”

Furthermore, the attorneys charges, that a trust company they did not identify and that has been working with the casino boss for a family trust for more than twenty years, that it no longer wishes to act on his behalf.
As reported earlier this week, Corallo demands that the state rectifies the allegations in the Telegraaf. The court in The Hague is scheduled to pronounce its verdict in January 30.

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