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This resulted in Aristo notifying CGIG of the termination of the agreement, they said.
"Aristo is contractually entitled to retain the deposit payments received to date from CGIG, totalling e1/45 mln, in the form of liquidated damages for CGIG's breach of theagreement, and has reserved its right to pursue further legal action against CGIG.
"Most importantly, Aristo will now recommence the sale of Venus Rock plots and homes, a major component of Aristo sales, which have been halted for the past year due to the transaction with CGIG."
Base estatistica--Autorizacoes concedidas pela CGIg para trabalho temporario--CNIg (Conselho Nacional de Imigracao), 31 mar.
CGIG has made two non-refundable deposits to Aristo thus far, for a total of e1/45 million.
This amount remains pending due to the process of "getting the approval required under the Chinese foreign exchange control regulations", CGIG said.
This is in line with DCI's half-yearly report, issued on September 24, in which the late payment was also reported along with CGIG's expectation that "the final approval by the Chinese authorities will be granted by the end of the year."
Theodoros Aristodemou, Managing Director of Aristo, said yesterday that the company "is in contact with CGIG in order to settle this matter."
The Venus Rock Golf Resort was sold to CGIG by Aristo for a fixed amount of e1/4241 million, and a conditional deferred amount of e1/448.5 million.
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- CGI-PDE A
- CGI-PDE B