Last year, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper revealed exciting news to Exumians that a development was afoot for Cave Cay, worth half a billion dollars. Now Bloomberg has revealed in an article that a Saudi prince has a part in the development of that cay and is suing a business partnership over a $5 million purchase of a stake in the island.

According to Bloomberg, Cave Cay LP is controlled by Yntegra Group, which violated a "side agreement" with the Saudi prince, which he claims would require both himself and Yntegra to pay $5 million to satisfy the partnership.

"The prince alleges the partnership is demanding the sum of him but not of Yntegra," the article states.

"In his lawsuit, which has been unsealed, he asks the court to make Cave Cay honor the pact.

"Representatives of Yntegra didn't immediately return a call and an email seeking comment on the suit."

The article adds: "In his suit, the prince claims Cave Cay 'misrepresented Yntegra's ability to raise outside capital'.

"He is asking the court to bar the partnership from declaring him to be in default over the $5 million 'discriminatory capital call'."

When Cooper revealed the development of Cave Cay, he explained that the Exumas were experiencing investments in the area that totalled $1 billion, and the development of Cave Cay represented more than half of that amount.

Cooper said back in October that the $550 million development on Cave Cay would feature a luxury mixed-use hotel resort, residences, and marina.

The Bloomberg article explains that the partnership is selling stakes in the "220-acre Cave Cay, as part of a project to build a 'high-end residential club community, luxury resort and marina' offering 'unparalleled barefoot luxury' on the property".

It adds that the development also includes Little Cave Cay and "another 3,000 acres of land connecting the two islands, according to the suit".

"The property is something of a 'James Bond island', complete with its own airstrip, as described in a 2015 story in the Guardian newspaper that reported its value as $90 million."

The post Saudi prince in row over Cave Cay investment  appeared first on The Nassau Guardian.

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