Work on the Black Sea Golf & Country Club development in the coastal village of Kableshkovo has been suspended. The decision was taken because the Pomorie municipality and NGB Consulting are still arguing over the participation of the local government in Cabland, the joint venture specially incorporated for the purposes of the project.
Moreover, no agreement has yet been reached on how the profit from the joint venture should be shared.
The project has been in the pipeline for three years and is currently awaiting a construction permit.
The Black Sea Golf & Country Club will cover a 190 ha plot about 10 km from Pomorie. It will boast a four-star hotel, tennis grounds and swimming pools as well as golf and tennis schools.
NGB Consulting has already drafted a contract providing for the municipality’s withdrawal from the joint venture. The company has proposed buying out its share in the agreement and insists that Pomorie municipality should forfeit any future profits generated while holding the controlling functions
NGB Consulting is trying to eliminate its partner, says municipal council chairman Yancho Slavov.
NGB responded by claiming that the municipality itself initiated the controversial clauses after finding itself unable to provide any financing for the venture.
There will be further discussions between the two sides on other contentious issues.
Cabland is a joint venture, 80 per cent owned by NBG Consulting. The remaining 20 per cent share is held by the municipality. The owner of NBG Consulting is Malta-registered Darnik Limited.
News.Dnevnik
