Tepaki seeking a good hotel operator

The Herald caught up with property developer Tim Tepaki on Wednesday morning and asked him if he had taken over his hotel investments at the end of May as rumored in the industry. He said he was still looking for an operator. “I need a good hotel operator,” he said.
Tepaki said he became frustrated because he lost some $1 million dollars at Manuia Beach, Castaway Beach and Lagoon Lodges according to his calculations and had asked his operator to leave, which they agreed to do on 30 May, but he hasn’t been able to engage a replacement operator and the current operator has kindly agreed to carry on until 30 June.
Asked about rumors of receivership, Tepaki said his financiers are not mortgagee in possession of Manuia Beach, Castaway Beach or Lagoon Lodges and he agreed with his financiers the other day they should send in the receivers on Manea Beach to protect Tepaki 1 Holdings assets, so they will be here with his blessing.
Tepaki said those who invested in Manea Beach with all of 47.12% aggregate unit entitlements between them, took it upon themselves to take over the operation and call themselves the body corporate without the approval of the body corporate. “The Court strongly recommended they go to mediation as required by me,” said Tepaki, “ but they refused and they also refused to hand over detailed accounts as required by the Court after I paid for them, leaving me with no option but to instruct my lawyer to inform the court to wind up Tepaki 1 Holdings.” He alleged their actions amounted to disrespect for the Court and Cook Islands law and they would not go unpunished as he will be suing them for his losses. Tepaki said the way forward for him was to sue after damage had been inflicted and that time was now, when the company was in receivership.
The Herald suggested to Tepaki that he might have been a more transparent as to what was going on as many people believed he was in receivership because his partner in the Hilton project was bankrupted and his financier is in receivership. He simply quipped “This Cook Islander is still standing and transparency is there for those who wish to see it” and left it at that.
Asked about the Hilton article in CI News, Tepaki said he had not read it and couldn’t be bothered, but reminded the Herald that he had a current EIA approval and the new developers had yet to submit their proposal for EIA approval. It would be unlawful and immoral for anyone to circumvent that process said Tepaki.

Herald Issue 463 10 June
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