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Articles Asset Recovery Canada Cayman Islands Featured Fraud Liquidations & InsolvenciesApril 11, 2012

Ritz-Carlton, Grand Cayman developer Michael Ryan accused of misappropriating funds

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11 years ago

Topics

Asset Recovery Canada Cayman Islands Fraud Liquidations & Insolvencies

Keywords

Bluetip Watersports Ltd. Cesar Hotelco (Cayman) Ltd. Cesar Properties Ltd. Condoco Grand Cayman Resort Ltd. Condoco Properties Ltd.
Deckhouses Construction Company Ltd. Endless Service Ltd. Endless Service Management Ltd. Five Mile Capital Partners I.R.R. Limited Michael Ryan Orion Developers Ltd. RC Cayman Holdings LLC
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Highlights

  • Ryan "received and/or misappropriated sums or property belonging to the Plaintiffs", claim companies controlled by $234 m creditor
  • Plaintiffs seek return of allegedly misappropriated assets
  • Lawsuit filed less than four weeks after creditor sued Ryan for US$234 m as alleged guarantor for outstanding construction loan
  • After being contacted by OffshoreAlert, Ryan stated he would respond tomorrow

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In a lawsuit that was filed yesterday in the Cayman Islands, property developer Michael Ryan was accused of misappropriating assets from companies involved with The Ritz-Carlton, Grand Cayman luxury hotel and residences development.

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