independent

Sunday 20 April 2014

Cape Verde firm facing a wind-up petition

AN Irish company that's behind the development of a €2.2bn seven-star resort in Cape Verde is being threatened with a winding up petition from one of its creditors.

The Irish office of recruitment giant Hays yesterday confirmed its winding up petition against Flash Developments is listed to be heard by the High Court on March 22.

Owned by Irish developer Ciaran Maguire, Flash Developments is best known for developing a flagship resort in Cape Verde, which offers residents everything from private butlers to jet hire and yacht charter.

Mr Maguire failed to return calls yesterday, while an official at Hays Ireland said he "could not comment" ahead of the court hearing.

In October 2008 at the dawn of the credit crunch, Mr Maguire told newspapers in Portugal that he was ploughing ahead with the €2.2bn Cape Verde project despite the recession since "the roses will start to bloom again soon".

The developer also spoke of plans to launch his own airline to fly Irish people directly to the new resort, and the website for the Ciaran Maguire Group says two Boeing 737s have already been purchased to that end.

Mr Maguire went on to make the headlines back home in December 2008, when he launched legal proceedings against a number of websites who had published "highly offensive" remarks about the Cape Verde project.

The website for his Ciaran Maguire Group describes Flash Developments' business as "the development of land acquired for Ciaran Maguire Holdings".

Irish Independent

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