B.C. Supreme Court orders Antigua to pay $30M after resort scheme

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A $30 million order has been issued by the British Columbia Supreme Court against the government of Antigua and Barbuda after a decade-long quest to recoup losses from the expropriation of the Half Moon Bay Resort.

HMB Holdings Ltd., a group of New York investors, won the ruling (the case was heard in B.C. because the resort is now owned by a B.C. company via a subsidiary) regarding the resort that it purchased in 1971.

In 1995, hurricanes devasted and resort and five years later the Antiguan government worked towards condemning the property, and in 2007 decided to expropriate it for a “public purpose.”

Read more at National Post

This article is summarized by Canadian Fraud News Inc.