12:58 PM · Comments Off on Puerto Al-Thani – Marbella – Is the Sheikh losing control · Categories: News from Marbella Costa del Sol · Tags: , , ,

The story of Al-Thani continues and Sheikh Al-Thani seems to be losing control over his shares within the company with the agreement to develop as well as maintain the marina when it has been completed.

A judge has found in preference of the architects who have sued Al-Thani’s company and also called the port director as the authorized administrator.

In mid-October a Marbella judge found in favour of the group of designers who created the plans for the port expansion, in which the sheikh was the winner of the contract, and has now designated the present port administrator as the judicial administrator.

The decision comes after the precautionary retention enforced from the identical courtroom last May following the Seguí architects and planning business sued the sheikh’s company for the 3.8 million euros and it has been still to be paid for the work performed.A week ago both sides had the ability to provide their particular case at a court.

Puerto Al-Thani - Marbella

Puerto Al-Thani – Marbella – Is the Sheikh losing control?

The claimants had put forward the proposition that the primary assets of Al-Thani’s company Nasir Bin Abdullah & Sons were its rights to control and build the modern La Bajadilla port.At that time the lawsuit was submitted the sheikh was at risk of losing his contract because a number of conditions had not yet been met.

Instead of allowing the shares be sacrificed together,if the ports authority at the Junta de Andalucía (APPA) had chosen to announce the contract completely useless, the architects had anticipated that their actions might allow their own project to go ahead with a brand new concession holder. Al Thani’s officials called for the embargo to be raised because since May the situation has evolved considerably.

Al-Thani has met with the vast majority of conditions identified with regard to his company to maintain the contract, including paying of the annually charge or establishing the business that will control the port (Nas). Following this the Junta made a decision to provisionally postpone its activity to revoke the contract.

Nevertheless last week the judge declined the solvency debate recommend by Al-Thani’s associates.They had remarked that finances happened to be supplied to increase the firm’s investment stock to 150 million euros knowing that APPA had been given a bank guarantee to pay for any legal responsibilities associated with the development works.

The courtroom maintained the fact that the documentation made available failed to demonstrate the presence of adequate investment and the present state of the firm’s financial records is simply not clear.

The firm’s circumstances, said the judgement, is not going to eradicate the possibility that the assets (which may protect an eventual sentence in preference of the claimants) might nevertheless be lost. The bank guarantee, said the judge, is inconsequential, as it is exclusively linked to the responsibilities to the APPA rather than towards any third parties. The choice will not have an effect on Marbella Town Hall that owns three per cent of the shares in Nas since it only represents Nasir Bin Abdullah & Sons, that maintains the rest of the 97 percent.

On the other hand the local PSOE chief,José Bernal, has questioned the mayor of Marbella Ángeles Muñoz to clarify just what is the position of the port venture following this most recent development as well as how it may impact on the the municipal coffers.

The opposition councillor declared it was a “new delay in this expansion project that Marbella can no longer afford due to the fact we require the town to move economically, to create employment and restart infrastructure programs.”

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