Dr. Cem Kinay
Publisher & Editor-in-Chief
Dellis Cay, the multi-million-dollar development that is planned for the Turks and Caicos Islands, is in receivership.
The SUN can confirm that Trinidad and Tobago Unit Trust Corporation (TTUTC) has appointed a receiver to Dellis Cay, Turks and Caicos Islands.
In an exclusive to the SUN, Dr. Cem Kinay, the CEO of Turks Ltd, and his life long partner Oguz Serim have stated that: “We have been struggling with very little cash in hand for the past weeks and have been operating under very difficult trading conditions. We asked TTUTC to consider providing us emergency funding and an extension of time of 60 days on the unpaid portion of the interest payment that was due on 22nd of August 2009, whilst we make efforts to regularize our financial position and provide a credible restructuring plan with new equity partners, Mandarin Oriental Group, and the existing purchasers. These requests are now rejected.”
This marks the most public reversal of fortune for a private investor who has acquired private land in the Turks and Caicos Islands as his first investment in these islands by June 2005.
Dr Kinay stated “This is certainly not the end. I have invested all I have into Turks and Caicos Islands and I don’t have the intention to lose it all. I have been a victim of the Commission of Inquiry. I will continue to promote my projects in Turks and Caicos Islands and I will work on bringing in new potential investors who may be interested to complete the project despite this set back today. I will also continue to defend my reputation at all costs.”
Dellis Cay is a pristine island situated in the Turks and Caicos Islands, a British Overseas
Territory. It is a 20 minute boat ride from the main island of Providenciales and next to Parrot Cay. The developers were creating a luxury island community involving unique designs from some of the world's leading architects.
On July 18th 2009, the Turks and Caicos Commission of Inquiry on possible corruption in these islands published a redacted version of its Final Report. The purpose of redacting the report insofar as it related to Dr. Kinay was to remove adverse references to Dr Kinay and his companies as ordered by the Supreme Court of Turks and Caicos Islands. However, as His Excellency the Governor later acknowledged, it became apparent that it was possible to access the unredacted text which caused negative press that destroyed the company’s business and its reputation.
Dr. Kinay has built a reputation over the past three decades as an international businessman of integrity and vision. Throughout his career, Dr. Kinay has made it a point to do business with only the best and most reputable of companies. Dr. Kinay has received many awards that recognize his business acumen and high ethical standards, including the 2006 “State Honor and Medal of Austria.” . Born in Turkey, Dr Kinay is an Austrian citizen, and Belonger in the Turks and Caicos Islands.