Businessman Derek Chin, owner of the MovieTowne franchise and Dachin Company Ltd, yesterday denied that he had pulled away from the stalled billion-dollar Invaders Bay Development project.
In a letter issued through his legal representative yesterday, Chin said his company was not withdrawing from the visionary Invaders Bay project.
“The facts are quite to the contrary as Dachin has been in discussions with the relevant authorities as recently as last week on the actual process for the completion of the said initiative,” the release said.
In a telephone interview with Chin on Saturday, he explained that the investors, initially interested in the project, had disbursed and was instead putting more than $200 million into his cineplex in Guyana and was planning his Streets of the World idea for Toronto instead of Invaders Bay.
Chin said then that he was still willing to purchase the lands for some $130 million and then seek a credit facility to carry on his development plans for the area.
In yesterday’s release, Chin admitted to being “frustrated” with the slow process.
“Notwithstanding Dachin’s frustration at the lengthy process involved in the acquisition of all of the necessary evaluations and approvals involved in this project, the prospect of surrendering to these obstacles or delays is neither in Dachin’s nature nor in its character,” Chin said in the legal media release.
Chin, in the telephone interview Saturday, said he had invested millions of dollars into the now stalled development and was willing to walk away from that financial loss.
“Dachin has invested millions of dollars and years of research and development in creating a visionary transformation of Invaders Bay that meets the needs of business, tourism, entertainment, culture and recreation,” he said in yesterday’s release.