real estate

Figali offers to sell project for millions

The controversial developer wants the government to either make him a better deal or purchase his marina project for $80 million.

Carlos Lemos/la prensa

deal or no deal:Jean Figali has threatened to sue the government in international courts over his marina development.986713

Businessman Jean Figali yesterday said he would abandon his concessions on the Amador causeway for a payment of $80 million, which he characterized as fair compensation for the work his company, Grupo F, has done there.

As a counteroffer, he asked that the government reduce the amount it is charging him for leasing the land, so that he receives a rate comprable to what other businesses on the causeway are paying. He wants his rate reduced from $10 per square meter to $2.60 a square meter.

The government, however, is seeking a different resolution to the dispute.

Ministerio de Economía y Finanzas (MEF) officials have said that Grupo F's concession for the land should be cancelled because he has not made the required payments for the project, which involves building a marina and several buildings. It has also claimed that it has violated the concession's original parameters and environmental rules.

The government is concerned because its surveyors have determined that the project has spilled over on to a parcel it had hoped to sell for $8 million.

Figali has countered that his project has cost millions more than expected because it had to be reconfigured because of problems with fiber optic cables, something that was not part of the concession.

Insisting he has been cheated by the government, Figali has pledged to keep fighting his case in court, both here and abroad. He said that he planned to file a case before the Inter-American Court of Justice and possibly seek to litigate the case in the United States.

"I have everything documented and all permits," Figali said. "I will only need George Bush's signature."

Figali has had numerous disputes with the government over the project.

This has included complaints by Panama’s environmental and marine authorities who have said that Grupo F has violated the terms of its concession in developing the marina.

The company, though, has successfully avoided government regulation by obtaining court decisions in its favor.