Home | TECNICIL & NOVO BANCO | Purchaser Experience | Contact Us | Mission | Amado Medina | Negotiations with Tecnicil | Get Involved | E U Petition | Correspondence

A Possible method of cancelling your contract


Dear Tecnicil,

I write concerning the promissory contract for unit ( inset unit ID) situated in (insert Community), Vila Verde, Sal, Cape Verde.

This unit is in delay by (number of Days) days from the promissory date in clause 1, paragraph 2 (Date for completion, without any delays), as Tecnicil did not sign the contract of purchase and sale in the period established in paragraph 2 of clause 1 of the appendix 0, general conditions of sale , Vila Verde Resort (phase 2), (the promissory contract).

We have since this date (as above) lost an amount of money, which would have been generated from an alternative investment source in the UK amounting to £, due to the delay in delivery of the contract. This delay is a permanent feature of this unit and cannot be erased by time. This loss, due to the delay, has caused us to loss interest in the completion of the contract for this unit afore mentioned.

Therefore, because of this loss caused by the delay, which still persists, we have lost our original investment interest in completion of this contract. This makes the delay in delivery a definitive breach of contract or an absolute breach.

As already mentioned in the previous correspondence we cancel the contract for this unit with Tecnicil Imobiliaria and require the return of our money invested with Tecnicil in this unit, within the 60 days (last date of period) as previously set out in correspondence, and may require compensation under article 442 no2 of the Cape Verdean Code.

Enter content here

Enter content here

  • 15th October 2013
    Without Prejudice
    Dear Sirs,
    We write to you regarding our problems
    with your proposed partner Tecnicil in Cape Verde. Whilst we understand that you
    are in negotiations to either take over Vila Verde or manage the site at Vila Verde,
    we would make you aware of the dispute we have with Tecnicil.
    We are a growing group of Vila Verde
    investors. We have individually and collectively tried to reach reasonable
    agreement with Tecnicil but it seems that the directors are either disinterested
    or incapable (we suspect both) of working with us to achieve a mutually
    agreeable outcome. We have recent reports from Cape Verde that you company is
    in negotiations with Tecnicil.

  • We have concerns about the nature of
    your dealings with Tecnicil, namely:
    1. Has Tecnicil made you aware of the
    dispute we have with them over ownership and unreturned deposits lawfully
    requested and unilaterally cancelled contracts by Tecnicil, whilst retaining
    deposits of these cancelled contracts?

    2. Tecnicil is currently offering
    buyers BES mortgages on their properties even though this is a distressed
    development facing insolvency. Are these mortgages being offered under current
    banking guidelines?
    3. That a number of investors are
    waiting the outcome of a Supreme Court case for the return of deposits, and
    compensation for the extreme late delivery of the properties?
    Given that Tecnicil are unwilling to
    negotiate with us at all we have formed a coherent group which now aims to
    bring our plight to full public attention. You will find more information on
    our group at and our pending
    As we have made you aware of our issues
    we feel it would be negligent of you if you fail to intervene in this matter.
    We suggest a meeting at your office in Lisbon with several of our group
    representatives without further delay to discuss the complex and potentially
    damaging dispute. Without cooperation from investors the Villa Verde resort
    will fail. We seek a mutually beneficial way forward that no longer penalises
    us further and helps alleviate the mounting costs that Tecnicil face due to
    properties that have not gone to title deeds. You are probably aware that
    retaining properties on their books costs Tecnicil huge amounts in condo
    fees, utility fees, maintenance and local taxes, as well as an inability
    to gain rental revenue and attract users to the resort. Tecnicil do not seem to
    understand that the best way forward is to work with investors, not against
    We trust you will agree to a meeting and we look forward to hearing from
    you as soon as possible at

    Yours sincerely,


  • Columbia Hospitality International - Vila Verde‏

  • To see messages related to this one, group messages by conversation.Martinho Fortunato ( to contacts 15/10/2013 To: 'Luís Silvério', 'Bret Matteson'Picture of Martinho Fortunato
    From:Martinho Fortunato ( You moved this message to its current location.
    Sent:15 October 2013 09:25:35
    Cc: 'Luís Silvério' (; 'Bret Matteson' (

    Dear Richard,

    Thank you for your email and attached letter.

    I can confirm that we have signed a management agreement with Tecnicil for Vila Verde Resort. We are waiting, with great enthusiasm, for a final approval from the financial institution. This is a fundamental piece for the implementation of the contract.

    As soon as we have all the formalities done we will obviously contact all the owners and make sure that you will all be involved on the future success of Vila Verde.

    Answering your questions directly:

    1-      We know there are disputes, we don't have any detail knowledge of those

    2-      We don't know. We are a Hotel/Resort management company. Our expertise are in tourism.

    3-      Again, we know there is a court case but we don't know anything else about it

    We are ready and willing to meet with you as soon as we have been formally appointed to manage the resort.

    Hope that you understand our position.

    With best regards,

    Martinho Fortunato

    Administrador/Board Member

    Columbia Hospitality International

    Tel + 351 282 770210

    Enter content here

    Enter supporting content here