Cape Verde gov’t wishing to ‘turn the page’ on Macau Legend project

The government of Cape Verde wishes to turn the page and close the Macau Legend Development Ltd (MLD) chapter as fast as possible, Deputy Prime Minister and Minister of Finance, Business Promotion and Digital Economy, Olavo Correia, told the Times in an exclusive interview.

This concerns the abandonment by MLD of the development of a casino resort at the Praia da Gamboa and Santa Maria Islet at Cidade da Praia.

The Times previously reported that MLD’s subsidiary companies in Cape Verde had long been in a state of non-fulfillment regarding their contracts for the project.

When questioned by the Times about statements aired in May this year with the local broadcaster RTC, where he said that the government of Cape Verde intended to revoke MLD’s license and that negotiations were underway to reach an amicable agreement, Correia explained that these statements were referring to the extended period that the Cape Verde government gave to MLD to propose a solution.

Cape Verde’s Deputy Prime Minister, Olavo Correia

“We gave MLD additional time to present us with a credible proposal for completing the project,” Correia said, explaining why he previously mentioned that the negotiations with MLD should conclude within two months.

Still, the government official reaffirmed that the door is not yet completely closed with MLD and that the Cape Verdian government is still waiting for the company to present a feasible solution before reclaiming the assets.

“The contract can be terminated at any time. We have given additional time based on good faith for MLD to directly or indirectly demonstrate their ability to complete the project. That deadline is running out,” the Deputy Prime Minister said. He refuted the idea that the contract between the Cape Verde government and MLD has already been terminated, as the Times reported, based on a letter signed by the chairman and CEO of Cabo Verde TradeInvest (Investment and Export Promotion Agency of Cabo Verde Islands), José Manuel Almada Dias, dated September 7, 2023.

Correia confirmed that, to his knowledge, there are no legal or judicial proceedings related to this matter.

On whether the Cape Verde government has quantified the losses caused by MLD’s breach of contract, as mentioned in the September 7, 2023 letter, Correia said, “Allow me not to advance the values ​​for the time being, taking into account the phase we are in.”

The government official also confirmed previous statements of Prime Minister Ulisses Correia e Silva that said that the government would reverse the concession and initiate procedures for the project to be repurposed, attributing the assets to a different company to complete the project and bring it to operation.

“Our legal teams are currently working on this matter,” Correia added.