>South Ocean Development going Forward?

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>The $867 million South Ocean redevelopment’s new managing partner yesterday pledged to “end the impasse in this project” for the benefit of the Bahamian people, after an International Arbitration Tribunal ruling blasted its predecessor for leaving the development in a “shambles”, ordering it to repay almost $3 million.

In a hard-hitting ruling, the three-man review panel ordered RHS Ventures and its principal, Roger Stein, to repay more than $2.9 million to the New South Ocean project and its new managing partner, Connecticut-based hedge fund Plainfield Asset Management, and its Seaside Heights investment vehicle.

The Tribunal ordered Mr Stein and RHS Ventures to reimburse the project with some $1.262 million, which had allegedly been used to fund his personal expenses, including “$761,000 for villa and yacht rentals and expenses”, and $251,000 for private plane travel”.

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