By: CECÍLIA PIRES
CONSTRUCTION OF the second phase of Costa de Cabanas in Tavira, originally owned by Irish solicitor Michael Lynn, is expected to start in the coming weeks.
Work on the project had been due to begin in December but delays occurred due to the change in ownership of the development from Lynn’s Kendar Portugal to Vantea.
The Resident was told this week that contracts with builders have been signed by Vantea, with finance by Millennium BCP (see The Resident, February 22).
According to the Costa de Cabanas website, Vantea, the new owner of the development, has informed investors that phase two is ready for “commencement of building” and “clear of the trees and old buildings that were present before”.
On the run
Kendar Holdings Limited has around two per cent of Vantea’s capital share but following the collapse of the company and the fact that its multimillionaire owner Michael Lynn is on the run from Irish court orders, the removal of his name from the project is expected to mitigate fears from potential investors.
The Portuguese company, previously named Kendar Portugal – Sociedade Imobiliária, Lda, became Vantea – Sociedade Imobiliária, Lda on December 6 and is now being managed by Lynn’s former accountant, Nuno Paulino.
But Mr Paulino’s responsibilities are wide-ranging and include the management of the remaining shareholders of Vantea, which are Nota Breve, SA and Número Misto, SA. The two Portuguese companies now share what was Michael Lynn’s stake in Kendar Portugal.
According to an official certificate of Nota Breve, SA, the company was formed on October 31, 2007, and has a capital share of 50,000 euros, which is held in 10,000 anonymous shares with a value of five euros each. The legal structure of the company is similar in Número Misto, SA.
Official accountants of both Número Misto and Nota Breve are Leopoldo Alves & Associado and José Rita Braz Machado. Leopoldo Alves & Associado, based in Lisbon, is ranked among the largest accountants in Portugal.
Its clients include Parpública – Participações Públicas SGPS, SA, a state owned company worth two billion euros which controls the shares owned by the Portuguese State in 50 of the largest companies operating in the country in sectors including real estate, industry, air transport, electronics, energy, health, tourism and communications.
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