A property exchange pact initially brokered between Yida International Investments and Heskey Capital Ltd has soured, triggering another potential legal claim by Heskey against the Chinese investor.
Heskey Capital and Yida International reportedly entered into an agreement that divested about 800 acres of land within the Antigua & Barbuda Special Economic Zone (ABSEZ) to Heskey.
As part of a further agreement, executed on October 18, 2022, Heskey Capital allegedly transfered 8.5 acres of its 800-acre parcel to Yida in exchange for 10 acres of Yida’s remaining 790 acres of the zone.
According to sources close to the matter, crucial stipulation barred the Yida group from considering offers for the 8.5 acres without Heskey Capital’s knowledge and consent for a specific period. Furthermore, any offers received were to be promptly disclosed to Heskey Capital, granting them the option to repurchase the land to retain local ownership.
In December, Heskey raised concerns regarding this agreement after it received information suggesting that Yida had allegedly received an offer before October 2023 and potentially proceeded with discussions or finalization shortly after the agreement’s execution. Heskey has regarded this as a breach of terms between the two parties. This perceived violation has fueled doubts about Yida’s consistent adherence to agreements with Heskey and its affiliates.
This potential suit follows two separate lawsuits that were filed against Yida in November 2023 by affiliated companies of Heskey Capital: Heskey Capital LLC and Searaven Glauben LLC. These legal actions, totaling $850 million USD and $200,000 USD respectively, further support Heskey Capital’s claim of potential breaches by Yida within the property exchange agreement.