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CCD dissolves Turath tourism development company over complaints, violations

By JT - May 10,2019 - Last updated at May 10,2019

AMMAN — The Companies Control Department (CCD) Director Ramzi Nuzha on Wednesday referred the Turath company for tourism project development, owner of the Lagoon Hotel and Resort, for involuntary liquidation after it suffered financial losses that prevented it from paying its debts.

Nuzha said the dissolution decision was made in accordance with the Companies Law, the Jordan News Agency, Petra reported.

Turath’s case was referred to the general prosecutor so that he may investigate violations committed by the company and complaints filed against it, claiming it breached a timesharing contract, according to Nuzha.

He said that the CCD held a meeting in July 2018 with Turath’s owner, chairman and consultants, during which the company was notified of the need to rectify its financial and administrative status.

The meeting was attended by a number of representatives from the Ministry of Tourism and Antiquities, Petra said.

Nuzha pointed out that the CCD formed a committee in August of last year to audit the company’s accounts.

The panel concluded its mandate in January this year and reported that the company had committed a number of “grave violations”, according to Petra.

In February, the company was informed of the need to rectify the situation reported by its financial auditor, in addition to the violations reported by the auditing committee, Nuzha said

He underlined that the involuntary dissolution of the company requires a court order, one which also appoints an individual responsible for implementing the decision.

The dissolution will allow the company to pay its accumulated debts and, once the court order is issued, the dissolver will take the necessary precautions to settle its legal, administrative and financial affairs under the court’s supervision, the director concluded.

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