Macau (MNA) – The company behind Dragon Coin denied statements made to MNA by the head of Norwegian company Brova Idea AS that agreement to develop a floating casino failed due to lack of payment by Dragon.
In a statement sent to MNA by Hong Kong L & Y Law Office in behalf of Dragon Incorporation (BVI) Limited – the firm incorporated in the British Virgin Islands that launched the Dragon virtual token ICO – Dragon seeks to address several issues previously reported such as the failure to fulfil a contract for developing a floating casino in Macau and its perceived connections to former gangster Wan Kuok-koi and data firm Cambridge Analytica.
According to the company, discussions with Brova Idea in regard to a possible collaboration for a floating structure for a hotel and casino started in September 2017, with Dragon stating Brova was to secure the majority of the financing.
Dragon stated it was attracted to the project and was willing to sign a legally binding agreement on the condition that its funding would be placed in an escrow account or protected against a possible failure by Brova to assure funding for the project.
“You also have to understand the floating casino wasn’t the main business for Dragon. It was a good PR and didn’t require much funding as 80 per cent was promised by Brova,” Dragon’s CEO, Chakrit Ahmad told MNA.
According to Dragon, negotiations with the head of Brova, Milo Andric, commenced to fail in the end of 2017, as Mr. Ahmad claims Mr. Andric has allegedly repeatedly demanded an upfront payment, while evading requests by the former to provide evidence that he had found financing for the hotel project.
“He demanded cash upfront. We pushed for Escrow or Bank Guarantee and the escrow or Bank Guarantee would have been released once the financing 80 per cent was secured according to his promise,” Mr. Ahmad said.
At one point, Mr. Andric is said to have requested a personal loan from Mr. Ahmad, with Dragon saying that at that point it realised Brova was in financial difficulties and reducing its trust on the Norwegian company.
Dragon also denied Mr. Andric’s statements that the blockchain company never had any intentions to actually develop the casino, with the statement indicating that Dragon sent a crew to Norway to conduct due diligence and invited Mr. Andric to Hong Kong with all accommodation expenses paid.
Dragon also denied that a ‘pro forma contract’ was signed on the Hong Kong inauguration ceremony on September 22, 2017 and that only a memorandum of understanding had been signed to possibly enter into a future agreement.
Ahmad also indicated to MNA that Dragon maintains its intention to develop a floating casino through a separate company, and now admitting it could shift the project to a land based casino.
