[SINGAPORE] Swiss art dealer Yves Bouvier is suing a group of businessmen who he alleges agreed to buy his Singapore freeport for about US$60 million before repeatedly delaying and ultimately reneging on the deal. Read more at The Business Times.
The would-be buyers' alleged delays preceded the economic slump caused by the coronavirus, and the pandemic may make it harder for Mr Bouvier to shop around the facility. The agreed sale price of S$83.3 million as stated in the lawsuit would have been less than the roughly S$100 million it cost to build.
Mr Ordonez, who was once involved in the movie business, is a director of Tayrona Pacific Star, the company that allegedly agreed to buy the Singapore facility. He is also a director of Tayrona Capital Financial Group, an investment and hospitality company that owns half of Tayrona Pacific Star and is a defendant, according to the lawsuit.
Scudo, which owns the other half of Tayrona Pacific Star, and its owner Jeff Tay Toh Hin are among the seven entities and individuals that are defendants, the filing shows. Opened in 2010, the Singapore vault sits on a large tract of land near Changi Airport. Known as"Asia's Fort Knox", it was supposed to be part of the city-state's push to lure luxury collectors, wealth managers and banks looking to ramp up gold bullion trading. However, China's clampdown on luxury spending and the exodus by many banks from physical commodity storage meant it never fulfilled its promise.
The venture accumulated S$18.4 million in losses over about a decade to 2018, its latest filings show.Worldwide VGS BV, Le Freeport Real Estate Pte v Jaime Alfonso Ordonez Arturo et al, S350/2020, Singapore High CourtFor daily updates on weekdays and specially selected content for the weekend. Subscribe to
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