Wednesday, March 3, 2010

Villamar project is on track says GHC. Yeah right!

In today's GDN, Kuwait-based Gulf Holding Company (GHC) attempts to defend the indefensible. Word on the street is that work on the Villamar project is at a standstill due to the lack of liquidity. You only have to look at the building to see that work has stopped.  Those cranes have stopped moving.  Meanwhile, as per the press release in the GDN...
"Construction on three towers of the flagship project is progressing round the clock," GHC senior investment relations officer Ahmad Al Shammari said....
..."Work on the development never stopped for a single moment and is progressing round the clock, because of the availability of sufficient liquidity needed to finance the construction coupled with the company's determination to deliver the development on schedule," he added.
Sorry mate... telling porkies ruins you and your's firm's credibility.  When will companies in this region wake up to this simple fact.  This is not an isolated case - this is the norm.  Last week we had a similar denial of the facts from the failing Amwaj Gateway project. When will these people learn that lying in public won't help their cause... the only people they can hope to influence with their lies are those that know the facts anyway.  Those naive enough to believe the lies probably don't care... they won't haven't invested/speculated on property in the development.

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