Investors sue casino developer
June 2, 2014 2:12 am
American investors in Fiji’s first ever casino project have filed a law suit against One Hundred Sands.
US media report the Snoqualmie Tribe was approached by Larry Claunch’s One Hundred Sands in mid-2011 to invest $1.5 million in the developer’s $290 million luxury resort and casino in Fiji.
In February 2012, Larry Claunch on behalf of One Hundred Sands, Ltd. issued a promissory note that gauranteed it would repay the tribe $1.5 million, plus interest.
When the project was slow to start, the Snoqualmie Tribe pulled out of the deal.
The report also says while One Hundred Sands broke ground on the Denarau Island resort, the tribe has yet to be repaid.
On May 27, it filed a lawsuit in King County Superior Court in Washington State seeking to recover its $1.5 million, plus interest and other fees.
The lawsuit names Larry Claunch and three of his business entities associated with the Fiji project as defendants.
The Snoqualmie Indian Tribe is a federally recognized tribe in the Puget Sound region of Washington State. The Tribe owns and operates the Snoqualmie Casino in Snoqualmie, Washington.
One Hundreds Sands has a 15 year exclusive license to operate a casino in Fiji. Developer Larry Claunch could not be reached for a comment.