- ACOA says the deal, of course, initiated a default on the investment contract.
- ACOA has filed a case against the owners of an 18-hole golf course in Ben Eoin, N.S.
The Atlantic Canada Opportunities Agency has filed a multimillion-dollar case against the landlords of a Cape Breton golf course.
Throughout the years, ACOA lent the Ben Eoin Golf Club Ltd. roughly $3.5 million to support expanding The Lakes into an 18-hole course.
The course is located in the Cape Breton Regional Municipality and oversees the Bras d’Or Lake in Ben Eoin.
According to a lawsuit notice, ACOA wants its $3.5 million back because the course was dealt with without their consent.
ACOA asserts it alerted Ben Eoin Golf Club Ltd. that selling off investments would start a default on their investment deal.
No defense filed
A spokesperson of The Lakes told CBC News in 2019 that a deal of the course was coming because they were struggling with operating expenses and paying the mortgage and loan debt from ACOA.
According to the case, Ben Eoin Golf Club sold its investments to a numbered firm whose directors are listed on the Nova Scotia Registry of Joint Stocks as Rodney Colbourne, Mike Kenny, Siva Thanamayooran, Troy Wilson, and Steve MacDougall.
Source – CBC News