Thread: Saul Faskha - Panama VITRI Project

ATTENTION: AFFECTED INVESTORS AND AUTHORITIES
VITRI PROJECT, COSTA DEL ESTE
SECOND NOTICE

We are part of a foreign investor group affected by the VITRI project located in Costa del Este, in which invested in 2005 based upon the assertions of the developer.
The VITRI project has been characterized by excessive delays which have harmed our investment, and now 6 years later and completely non profitable.

The VITRI project, under the representation of Mr. Saul Faskha, has informed us that in spite of having contracted and paid for the acquisition of real estate unit 71-72, that he has decided he will deliver real estate unit 66-67 instead, alleging that we are required to accept a different unit, 5 floors lower. He makes this claim by asserting he can do this because in his opinion it DOES NOT AFFECT THE BASIC DESIGN AND ARCHITECTONIC STRUCTURE OF THE BUILDING.

Together with the above and in order to prove that they care very little about continuing to abuse investors who believed in Panama, they intend to cancel the agreement alleging that we have breached it by asserting they have acquired the required occupation permit and not therefore failing to deliver the pending amounts, as established in the promise to sale agreement. The VITRI project has not given as any evidence of having the occupation permit yet and having recognized their inability to produce one, they have recently informed us – changing their argument – that this is expected soon.

Due to all the above, we believe that the VITRI project intends to terminate our agreement in order to resell our unit at a higher price than paid by us. They want to force us to receive an inferior real estate unit for which we did not agree to purchase. This a clear abuse and breach of contract.

We wonder if due to the bad administration of the representatives of the VITRI project, it is going through an unstable economic situation or, to make it clearer, it is BANKRUPT, thus making every possible sudden change to obtain economic benefits at the expense of the persons who bought years ago at a reasonable price. It is clear the commercial value of the real estate has increased and therefore appears the developers are taking advantage of us as foreign nationals in this situation in order to strip us of our property and offering it to another person for more money.

Faced with the impossibility of reaching a sensible agreement with the VITRI project, we have decided again to bring this to the attention of potentially affected foreign investors like us, apart from those who have already written to us, as well as to the corresponding authorities in Panama, and more importantly to the proper authorities in Washington DC where the CAFTA regulations are being written, in order to do everything legally possible stop these abuses and ensure that this does not happen to future foreign investors in Panama.

Certainly, our group is taking these corresponding legal measures in conjunction with other affected parties both here in Panama and the United States.

Any investor affected by the VITRI project can send us an e-mail to victimpanama@gmail.com in order to tell us his/her version.

Here is Mr Faskha promising to deliver The Ice Tower, he lies effortlessly.

"THE CONSTRUCTION WILL GO.......I HAVE ALREADY INVESTED TO MUCH MONEY IN IT ! BUT FOR ANY REASON THEY ARE SCARED OF IT , PLEASE TELL THEM THAT TOMORROW MORNING THEY CAN PICK UP THE CHECKS AT MY OFFICE....AND WITH PLEASURE I WILL GIVE IT TO THEM !"

Is the ICE Tower on ICE? - Panama Investor Blog

Seven months later:

Authored by: panavestor on Monday, July 16 2007 @ 04:55 PM COT
As far as I am concerned, the party is over. I just collected my Ice Tower refund check from Saul Fashka, without interest, without an apology, and without any reasonable explanation for why the project was cancelled, other than pure greed. I feel like jumping into that big hole on Avenida Balboa. But Fashka did offer to keep my money in exchange for an option to purchase in a new project on the same site. Nevermind that the building hasn't even been designed yet, or the fact that I will have to pay as much as a $1000 per meter more than I paid for my Ice Tower apartment. What a deal! This guy has no shame. I seriously considered legal action against this con man but in the end I decided to take the money and run. All I can do now is caution others to stay away from crooks like Saul Fashka and F & F properties.

Boom, Burst, or Bingo - The Panamanian Real Estate Miracle - Panama Guide

Vitri is still an amazing project, the architects took that one straight out of the game Sim City