Judge freezes US$85m for UTC

 The Unit Trust Corporation has convinced a supreme court judge in the Turks and Caicos to freeze US$85 million in assets held by two Turkish investors who were seeking to develop a luxury resort on Dellis Cay in the Turks and Caicos. A statement from the UTC yesterday said that the court handed down an order that favoured the UTC, which had financed the development. 

According to the UTC, the court in the Turks and Caicos dismissed all claims that the developers had brought against the UTC and the unitholders. “The UTC will continue to take all actions necessary to protect the interests of its unitholders in this matter,” the UTC stated. However, the UTC is named as one 19 defendants in a separate case filed in the Manhattan Federal Court this week brought by investors who had made downpayments of up to US$50 million on the luxury villas. That case alleges that the developers fleeced the investors and spent millions of dollars buying homes for themselves.