Saturday 15 June 2013

Who is funding Royal Sands

To continue On the request of ONE of our clients as well at the request of Mr. Shaun Keegan, We are pleased to confirm to you that SFP Venture Partners Ltd is owned 100% by SFP Services Limited”. The letter goes onto state “and this company has deposits in excess of £1M....We understand it is set aside for the purposes of the bond in relation to the ongoing development of Royal Sands, Marina Esplanade, Ramsgate”.

To clarify Colin Hill, general manager of SFP Services Ltd, has agreed to pass £1M to TDC as a surety via Shaun Patrick Keegan’s shell company SFP Ventures (UK) ltd.

When the subject of financing the hotel was discussed by TDC and the developers in 2009 TDC relied on a draft letter from SBP (undated) which stated “This letter is to confirm our client Wetmore Investments has funds deposited with the bank to facilitate immediate funding of £5M for the hotel and commercial elements of the Royal Sands at Ramsgate, Kent.” as proof that the funding was in place.

To clarify Wetmore Investments is Colin Hill’s Trust Fund, registered in Lichtenstein, which currently has a 13% stake in this Geneva bank, so Colin seems to be prepared to invest a further £5M into the Royal Sands development to build a hotel.

So is it reasonable to assume the rest of the money that has passed through SFP Ventures (UK) ltd came from the same source. Probably as Colin is a property developer with a track record of using Shaun Keegan as a front man and the financing comes from sources Colin Hill controls.

SFP Ventures (UK) ltd is a shell company and will only realise a profit when the development is finished and sold, therefore any monies must be way of loans to the company repayable from the development’s sale.

What purpose does it serve TDC in saying “we are dealing with SFP Ventures (UK) ltd and Shaun Keegan and have been since 2006”?

If the funding was in place in 2006 for the hotel to be built why hasn’t the work started?


Solo Gays said...

I only hope I live long enough to see that proud moment of Father and son-in-law topping off this most prestigous of developments in our town. A big thankyou to all our councillors and officers for sticking with this and believing in them.

Anonymous said...

Smoke and mirrors

What TDC should have done long ago was to say, in the immortal words of Cuba Gooding in Jerry Maguire: "Show me the money."

If the bond didn't arrive all bets should have been off.

Anonymous said...

Who is funding Royal Sands?

Why, the ratepayers of course. If the council doesn't collect the money which is owed to them the taxpayer foots the bill.