RenaissanceRiffort Curacao guilty for Aqua Spa downfallORANGE CITY / WILLEMSTAD - Aruba Bank is not to blame in the demise...
Aruba Bank is not to blame for the demise of Aqua Spa butRiffort Village and Renaissance areaccordingto the judge. Aqua Sp...
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Renaissance Riffort Curacao guilty of Aqua Spa downfall

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Transcript of "Renaissance Riffort Curacao guilty of Aqua Spa downfall"

  1. 1. RenaissanceRiffort Curacao guilty for Aqua Spa downfallORANGE CITY / WILLEMSTAD - Aruba Bank is not to blame in the demise of the luxurious Aqua Spa Beauty Spa of Arubans MenaLopez and Emile Hassell. The court has concluded that the Landlord Riffort and the Renaissance(Curacao) did act unlawfully and must pay compensation.AmigoeNieuws CuracaoFebruary 19. 2013By our reporterSharinaHenriquezThe Court of First Instance in Curacao declared a verdict yesterday in the case brought by theentrepreneurs Hassell , Lopez and Arnold Huizing court appointed Curator and trustee of the bankruptbeauty salon as one of the plaintiffs. In total demands Aqua Spa 12 million florins to damages: $ 5.4million from Riffort / Renaissance and nearly 2.2 million florins of Aruba Bank. During the handling of thetrial on 18 September, the judge also focuses on the role of the bank in the whole. One of theentrepreneurs, Mena Lopez also began in late October in this paper that the bank during the trial hadlied and that the case is a matter of principle was the dishonest act of Aruba Bank by colluding withRenaissance so that the latter could get a spa cheap. In the verdict yesterday the court was notconvinced that the bank had acted unlawfully, nor forsaken its duty of care. The company had at thetime of termination of the credit agreement had long failed to fulfill its obligations. The interest andprincipal payments were not paid. Also, the bank had insufficient collateral. "It was therefore for thegood of the Bank due to Aqua Spa still got respite in order to find new investors and its financial housein order." The fact that the bank has just invaded in a period of the Holidays (December) and seized theinventory, as the entrepreneurs claimed, has seen all late payments and letters of Aruba Bank this fallsunder the court therefore understand. Aruba Bank has not acted in breach of reasonableness, fairnessor fulfill its duty of care.Cahoots One of the most important and remarkable accusations in this lawsuit is the charge of the cahoots ofRiffort / Renaissance Aruba with Bank. As evidence for this was the sale of the seized inventory for solittle. The bank would for a pittance to the Renaissance have sold the hotel and then went after thebankruptcy of Aqua Spa himself further with a spa in the same location. "Although the Court palpableAqua Spa note that the current situation as such experiences, the Court sees no evidence of foul playbetween the Bank and Riffort and Renaissance. Not found what importance the Bank thereby wouldhave, especially now retrospectively must be noted that the Bank is left with a strong claim.
  2. 2. Aruba Bank is not to blame for the demise of Aqua Spa butRiffort Village and Renaissance areaccordingto the judge. Aqua Spa had accused the Riffort Renaissance Curacao of wrongdoing because thepromised promotions in the agreements were not complied with while the lease for no valid reason wasterminated and the spa staff was denied access to get into the Spa. All of these actions were alleged tobe an indication of the intention to take over the spa itself. According to the court statements,it’sconceivable that they intended to take over the Spa, making it one of theirsame groups of companies.This is also evident in the documents which show the companies of the Riffort and the Renaissanceacted as if they were the sameentity. Hence the court in assessing the damage question - and claimthaboth companies belong together. There is an important fact that Aqua Spa was to be promoted tothe guests of both these companies. There was also a walkway guaranteed to come in the contract toensure that the Hotel guests would have easy access to the Spa. That did not happen and Aqua Spa onmultiple occasions pleaded and complained to get that access open and useable to the attention of theHotel yet that never occurred. The promised marketing never happened causing the Spa to receive farfewer clients (11 a day estimated to less than 1 day recorded) than what the consulting firm andDeloitte& Touch projected(later confirmed by the Renaissance’s Spa specialist CarinCoffino whosaid that 10 Hotel guests per day would be expected.)When Aruba Bank claimed to be seizing the inventory,Riffort looked at it as the trigger for the lease tobe pulled. The Renaissance Riffort Curacao believed that the revoke terms of that agreement had beenactivated, but the court found that not so.The rent was paid up to date in full at that time. The Judgeclaimed that the Spa staff was wrongly denied access by the Riffort Renaissance Curacao to their Spamaking it impossible to restart the business. Even after the seizure of the bank of the contents (Thecontents were never seized but left in the Spa for two months until the Spa was sold to theRenaissance) the spa could have continued to run. The actions of denying the Spa staff the ability toenter their place of business deprived them of their rights as a business to proceed and from theseactions the court claims the damages have occurred.Aqua Spa and its investors have additional evidence in safe hands that has not been introducedin the court. They will measure the need to present that evidence in relationship to how thisverdict is carried out and the different parties are addressed. They understand the complexitiesof Business and Banking Commerce and what kind of impact damaging evidence to any ofthese parties could bring to the Antilles and it’s already suffering economy.Translated by Google; Dutch to English The translated version in many parts was unreadable so the writersinterpretation played a part in the translation to English. There is no intent on the writer’s part to change themeaning of the original intent. The translation in some sentence structures is simply not very good so please don’tget bogged down in needing exact English grammar to match Dutch sentence structure.

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