Developers of Big Cave Cay Luxury Resort Dispute Allegations of Saudi Prince Project on track despite investment default by Prince Salman Bin Sultan Bin Salman Bin Abdulaziz Al Saud
Miami, FL | February 01, 2023 04:14 PM Eastern Standard Time
Cave Cay, LP, the development team behind a new luxury resort on the Bahamian island Big Cave Cay, strongly disputes the allegations made in recent legal filings by Saudi Prince Salman Bin Sultan Bin Salman Bin Abdulaziz Al Saud in the Court of Chancery of the State of Delaware.
On January 20, 2023, Cave Cay, LP served a second notice of default on the prince for breaches of his legal and contractual obligations, in particular, his financial obligations to the limited partnership. The second notice of default is the subject of the proceedings in Delaware.
Cave Cay, LP will vigorously defend the organization and the project against the allegations made in the filings and will file legal responses to the prince’s unfounded claims.
The project’s investment and development timelines remain unchanged, as the default of one investor does not impact the long-term plans of the unique luxury development in the Bahamian Exuma islands.
David PR Group
John P. David