The Cave Cay development will not be impeded by a lawsuit filed against the developers by Saudi Prince Salman Bin Sultan Bin Salman Bin Abdulaziz Al Saud, the developers said in a statement sent to Guardian Business.

Bloomberg revealed in an article last week that the 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 the lawsuit said 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."

However, Cave Cay LP said in a statement that it intends to fight the allegations by the prince in court, and assured that the suit does not affect its $550 million investment in The Bahamas.

"Cave Cay LP, the development team behind a new luxury resort on the Bahamian island Cave Cay, strongly disputes the allegations made in recent legal filings by Saudi Prince Salman Bin Sultan Bin Salman Bin Abdulaziz Al Saud in the Court of Chancery of the State of Delaware," the statement notes.

"On January 20, 2023, Cave Cay, LP served a second notice of default on the prince for breaches of his legal and contractual obligations, in particular, his financial obligations to the limited partnership. The second notice of default is the subject of the proceedings in Delaware.

"Cave Cay, LP will vigorously defend the organization and the project against the allegations made in the filings and will file legal responses to the prince's unfounded claims.

"The project's investment and development timelines remain unchanged, as the default of one investor does not impact the long-term plans of the unique luxury development in the Bahamian Exuma islands."

Last year, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper revealed the exciting news to Exumians that a development was afoot for Cave Cay, worth half a billion dollars.

When Cooper revealed the development of Cave Cay, he explained that the Exumas were experiencing investments in the area that totaled $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 post Cave Cay developers say Saudi Prince's lawsuit does not affect project appeared first on The Nassau Guardian.

The post Cave Cay developers say Saudi Prince's lawsuit does not affect project appeared first on The Nassau Guardian.

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