Pomorie golf development dogged by ownership, profit sharing squabbles

Dnevnik weekly

The start of the Black Sea Golf&Country Club development in the coastal village of Kableshkovo is facing a fresh delay as the Pomorie municipality and NGB Consulting continue to wrangle over the participation of the local government in Cabland, the joint venture specially incorporated for the purposes of the project.

There is also no agreement between the partners on the way the profit from the joint venture should be shared.

The project has been in the making for three years and is currently awaiting a construction permit.

The Black Sea Golf&Country Club will sprawl on 190 ha some 10 km from Pomorie and will boast a 4-star hotel, tennis grounds, swimming pools as well as golf and tennis schools.

NGB Consulting has prepared a draft contract providing for the pullout of the municipality from the JV. The company proposes that it buy out the share of the municipality and that the municipality forfeit any future profit while retaining controlling functions.

According to municipal council chairman Yancho Slavov, NGB Consulting is trying to eliminate its partner.

NGB responded by claiming that the municipality itself initiated the controversial clauses after finding itself unable to commit any financing to the venture.

More discussions of the contentious issues between the two sides are forthcoming.