November 26, 2020

Ritz files judicial revue application on Cayman’s government

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ritz-grand_caymanRC Cayman Hotel Holdings Ltd and RC Cayman Property Holdings Cayman Ltd, the new owners of The Ritz-Carlton, Grand Cayman, who took possession of the resort from the developer, Michal Ryan, after he defaulted on the debt, have filed an application with the Grand Court.

They are seeking a Judicial Review over government’s failure to register the transfer of title to the new owners since December, despite, they say, repeated requests.

The new owners say government has unlawfully failed to register the transfer of lands relating to their purchase of the property and has unlawfully failed to adjudicate Stamp Duty on the transfers, in accordance with the valuation agreed in October last year by its own chief valuation officer.

Jim Glasgow, a Director of RC Cayman Property Holdings Ltd., stated they had repeatedly written to the government, most recently being Feb 19 and Feb 25, and not received the courtesy of a reply. Therefore they have been forced to exercise the option of legal action.

They have claimed the government has cashed the $11.6 million transfer cheque for transfer taxes on December 28, 2012.

“[The government] is violating the law by not recording the deed,” Glasgow said.

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