Judge Alfonso Martínez Piovanetti, of the Court of San Juan, has granted a request for a statutory interdict filed by investor Fahad Ghaffar against the companies of his former partner, John Paulson. This ruling allows Ghaffar access to information from the entity Earle HC LLC, which is developing the Vanderbilt Residences complex in San Juan.
The judge ruled that Ghaffar, through his entity Better Puerto Rico LLC, is a partner of Earle HC and therefore has the right to the information he requested. This decision comes after Ghaffar alleged that he owned 44% of Earle after investing over $10 million in the development of the condo hotel, which he claimed was suffering from major delays and exceeding its budget.
In response, Paulson’s legal representation argued that Ghaffar only had financial interests in the project, but the judge rejected this theory. Martínez Piovanetti ordered Paulson to provide Ghaffar with all the documents he requested, including updates on the construction budget and the status of construction.
Meanwhile, in a second lawsuit related to the Duo Condado, which owns the Vanderbilt and La Concha hotels, the judge determined that Ghaffar did not complete the necessary procedures to be considered a substitute member of the company. Paulson claims that Ghaffar was never a member of any of their hotels and that he has no influence over their operations.
This legal battle between Ghaffar and Paulson has been ongoing, with both parties filing multiple lawsuits against each other for alleged fraud and other charges. The judge’s ruling in favor of Ghaffar in the Vanderbilt Residences case is seen as a significant victory for him, while Paulson plans to appeal the decision.
The dispute between these former business partners continues to unfold in court, with both sides adamant in their claims and defenses. The outcome of these legal actions will likely have significant implications for the future of the projects in question and the relationship between Ghaffar and Paulson.