Fiji Time: 1:27 AM on Sunday 23 October

Fiji Times Logo

/ Front page / News

Tribe demands $1.62m from casino developers

Repeka Nasiko
Thursday, June 12, 2014

FORMER Casino investors, the members of Snoqualmie Indian Tribe of Washington in the US, are demanding nothing less than $1.62million from developers of the project One Hundred Sands Limited.

In court documents filed by the tribe council in the Kings County Court in Washington, the tribe alleges that One Hundred Sands Ltd chairman Larry Claunch had breached a promissory note that highlighted the repayment of the $1.5m investment made by the tribe.

"Despite their obligation to make final payment to the tribe no later than February 2, 2014, the defendants (One Hundred Sands) have refused to satisfy their debt under the note leaving an outstanding indebtedness of $1.5million plus interest at the contractual rate of four per cent per annum until paid in full," the lawsuit stated.

"By failing and refusing to timely perform their obligations under the note, defendants have breached their contractual obligations to the tribe under the note, thereby, causing the tribe substantial damage.

"As a direct and proximate result of the defendants conduct, the tribe has suffered actual damages in an amount determined at trial, but in any event, not less than approximately $1.62m."

In mid-2011, representatives of the tribe were approached with a proposal to invest in the casino and resort project.

The lawsuit revealed that based on recommendations from a tribal delegation that visited Fiji in December, 2011, the Snoqualmie Tribe Council determined the project presented an opportunity to diversify the tribe's economy to the long-term benefit of the tribe as well as the people of Fiji.

On February 2, 2012, the council passed a resolution authorising the investment of the $1.5m in the project while One Hundred Sands Ltd executed a promissory note, a convertible purchase note and a subscription agreement with the tribe in which the tribe agreed to loan the money.

One Hundred Sands Ltd chairman Larry Claunch has maintained that the company would not be distracted from its primary focus of completing the construction of the $290m casino and resort near Denarau Island.

Minister for Tourism and Attorney-General Aiyaz Sayed-Khaiyum recently said the government would address the issue this week.

He said the licence agreement between government and One Hundred Sands was a separate issue.

"It's the same way if you give somebody a licence to import a foreign chicken, just because they get sued by a company it does not mean that you will stop their licence. But in respect to their ability to adhere to the licence per se, that is something that we are looking at very closely at the moment."

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.65020.6312
JPY 51.786748.7867
GBP 0.39950.3915
EUR 0.44950.4375
NZD 0.68980.6568
AUD 0.64760.6226
USD 0.49350.4765



Exchange Rate updated on 21st October, 2016

Today's Most Read Stories

  1. Under attack
  2. Rain floods tents
  3. Airline reforms
  4. Family loses battle to keep home
  5. Navua to be declared town by December
  6. 'Excellent' response
  7. Kava trade and retail
  8. FEA to pay out $1.325m bonus for 747 staff
  9. Wallabies bench Cooper, Naivalu named as Kerevi retains position
  10. PM looks ahead to Key meeting

Top Stories this Week

  1. Former flight attendant invests in farming business Wednesday (19 Oct)
  2. Calls for USP vice chancellor to step down Tuesday (18 Oct)
  3. A daughter's sacrifice Thursday (20 Oct)
  4. 'I heard Soko screaming in pain' Friday (21 Oct)
  5. Dad's cry for justice Tuesday (18 Oct)
  6. Rugby offer Monday (17 Oct)
  7. 'I never knew Soko' Thursday (20 Oct)
  8. Hero's welcome Wednesday (19 Oct)
  9. 18 workers on the run Tuesday (18 Oct)
  10. My heart cries out Monday (17 Oct)