The Panamanian government is in dispute with an owners’ association and Trump Hotels. This was after an attempt to dislodge the Trump name from the Trump International Hotel and Tower Panama occurred.
The matter first came to light when the property owners’ association voted to remove Trump’s management team. This was in January when it was alleged that there had been “gross mismanagement, breaches of contract, conversion, and breaches of fiduciary duties.” As a result, the Public Ministry of Panama is looking into the allegations seriously and as to whether or not any action is warranted. Accordingly, investigations continue.
Part of the investigation has yielded that the hotels as having a valid contract to manage the property and a Miami based Company do not wish for this to continue. The Federal Prosecutors have examined accusations over documents being shredded, electrical equipment disputes and of the office being barricaded. Property owners also publicly have complained of being barred from access during the period of dispute. When claiming access to property attempts were being made, a statement concerning “hostile attempts” to take over the hotel was released. They retaliated with their statement condemning the bully tactics employed, indicating that the matter should be settled in arbitration. Trump Hotels, on the other hand, feel that they will succeed in court proceedings. Continue reading