Malaysian investor Tan Kay Hock and the West Indian Co. Ltd. are apparently a long way from reaching an agreement on a lease for the Long Bay landfill.
"Regarding the Long Bay landfill, there are lingering serious differences between Safe Haven Marina Inc. and this company over terms and conditions of a proposed lease agreement for the Long Bay property," WICO said in a statement Wednesday.
Tan, who already owns the Yacht Haven hotel and marina, has been negotiating for the adjacent landfill. He reportedly plans to develop the properties into a large-scale hotel, marina, shopping center and tourist attraction.
Last December, the V.I. Public Finance Authority warned WICO that further delays in the negotiations could cause Tan to lose interest in the Yacht Haven development and take his project elsewhere.
WICO President and CEO Edward Thomas responded by saying Tan's representatives were making offers slanted steeply in their favor and refusing to negotiate.
WICO has been informed that Tan's company will make a final decision on the development's future by the end of July, Wednesday's statement said.