No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeBusinessPanama investigates owner-manager row at Trump hotel

Panama investigates owner-manager row at Trump hotel

PANAMA CITY, PANAMA – Panamanian prosecutors are investigating a dispute between owners and the management of a Trump hotel, a skyscraper that cuts a distinctive figure among the towers crowding the capital city.

A probe has been launched “to establish if there is punishable conduct in regards to a complaint of usurpation in the Trump Ocean Club International Hotel and Tower property,” the Prosecutor’s Office said in a statement Monday.

The row is between Miami-based investor Orestes Fintiklis, who last year became owner of the majority of the units in the building through a company he controls, and the Trump Organization, the real-estate group owned by U.S. President Donald Trump, which manages the property.

Fintiklis wants to boot the Trump Organization before the end of its management contract, remove the Trump name and rebrand the building.

In lawsuits lodged in the United States, Fintiklis alleges a decline in occupancy. The Trump Organization has hit back, claiming Fintiklis is breaching contractual commitments as owner.

Last Friday, Fintiklis complained to the Panamanian prosecutors’ office that Trump Organization employees were barring his access to the units he owns.

The hotel, designed in a distinctive sail shape, opened in 2011 in an exclusive waterfront sector of Panama City. Its units were put on the market for between $250,000 and $1 million.

Donald Trump and Panama’s president at the time, Ricardo Martinelli, opened the property. Martinelli is currently on bail in Miami fighting extradition to Panama, where he is charged with corruption and spying.

After becoming U.S. president, Donald Trump said he was handing off day-to-day control of the Trump Organization to his two sons.

Trending Now

Costa Rica Nominates Rebeca Grynspan for UN Secretary-General Role

Costa Rica has put forward Rebeca Grynspan as its candidate for United Nations secretary-general, a move that highlights the nation's push for stronger Latin...

Costa Rica TSE Seeks to Lift President Chaves Immunity

Costa Rica's electoral tribunal has stepped up pressure on President Rodrigo Chaves by asking lawmakers to strip his immunity over claims of political interference...

Costa Rica Proposes Date for Chaves Immunity Review

Costa Rica's lawmakers took a step forward today in addressing the latest push to strip President Rodrigo Chaves of his legal protections. The Legislative...

Riu Guanacaste Hotel Reopens in Costa Rica After Renovation

The Riu Guanacaste hotel in Costa Rica has reopened after a complete renovation, welcoming guests back to its beachfront spot on Matapalo Beach. The...

Costa Rica Weather Alert: Heavy Rain, Flooding, and Landslides

The National Meteorological Institute (IMN) issued a warning on Thursday about persistent heavy rains and thunderstorms affecting much of Costa Rica.These conditions are the...

Cost of living in Costa Rica from a U.S. Expat

Paradise doesn’t come cheap. Cars, gas, appliances, phones, TVs often cost more in Costa Rica. But not everything. Here’s a simple, like-for-like look at...
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica