By GENEA NOEL

Freeport News Reporter

genea@nasguard.com

The CEO of the New Hope Holding Company, which is currently in receivership, is rebutting claims that he and his partner owe millions of dollars to two marine businesses.

Preben Olesen, who also serves as the president of the Port Lucaya Marina, told The Freeport News yesterday that statements made by the court-appointed receiver Philips Galanis were inaccurate.

In an article published in this daily in April, Galanis claimed that Olesen and his colleague, Duane Crithfield, owe more than $1 million to Florida Marine and Carey Marine International.

"If Mr. Preben Olesen paid the almost $1 million that he and his colleague Mr. Duane Crithfield owe the company and its related entities, the issue regarding the company's financial strength would be moot," Galanis was quoted as saying in that article.

Olesen, however, yesterday produced a Supreme Court ruling dated May 29, 2009 which ordered that New Hope Holding Company, and not Olesen himself, pay Florida Marine and Carey Marine International the sum of $1,270,000 in addition to interest.

"We do not owe that money," Olesen said. "We put millions of dollars into that place ... That is total nonsense."

Olesen also sought to clear the air on his relationship with Galanis, who he said had neglected to look after the company's interest, which he was appointed to do.

Stressing that New Hope Holding has a defence it wished to argue, Olesen said that Galanis was notified last October that he needed to appear in court for the matter.

"Instead, he chose to ignore it and the result is that Carey ended up getting a default judgment because he did not show up," Olesen said.

On Tuesday signs were placed on the property of New Hope Holding suggesting that they were under receivership and would be up for auction. Olesen claims that this is not a problem created by him but by the receiver, Galanis.

"It is a very embarrassing situation for them to have stickers placed on the trees and around the property," Olesen said.

Meanwhile, Galanis was scheduled to meet with Commissioner of Police Reginald Ferguson yesterday in an attempt to have the writ of execution removed. However, when contacted yesterday, Galanis said that meeting never happened, but he is expected to pursue his request. The writ ordered that New Hope holding's businesses – the Ferry House Restaurant and the Grand Bahama Yacht Club – be seized.

Galanis said although the seizure never occurred, he is hoping to have the order, which still stands, removed.

"The assets were not seized. What happened was an order was issued for the assets to be seized. A notice was only given," Galanis said.

As the receiver, Galanis has the responsibility of collecting and receiving rent and profits of the business and manage any undertakings in connection with other properties of the first defendant.

Until final judgment, it was ordered that Galanis be given all licences, permits and certificates and that business would be carried out at the properties as usual so as to prevent their forfeiture or suspension.

The assets that are subsidiaries of New Hope Holding Company Limited include Rayness Development Ltd., Scala Investments Ltd., and Lucayan Marina Village Company. Its assets include acres of property encompassing some 18 lots in the Bell Channel Bay Subdivision in Lucaya.