AGRORESOURCESINTERNATION...

AGRORESOURCESINTERNATIONAL.COM - AGRO-RESOURCES INTERNATIONAL

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ABOUT: Agro-Resources International Inc SA is an environmentally oriented real estate land holding and development company formerly in agricultural research and farming. Its properties are in Guanacaste province, on the northwest Pacific coast of Costa Rica. Its legal entity is in Panama... Comprehensive ..
TITLE: Agro-Resources International
IP Countries:
  • US
SUMMARY: The photo on the right is of the 2200-acre Four Seasons Resort parcel which is described in Asset Valuation, above. The Agro 4500 acres is just out of the picture, to the right. Agro-Resources International Inc SA is an environmentally oriented real estate land holding and development company formerly in agricultural research and farming. Its properties are in Guanacaste province, on the northwest Pacific coast of Costa Rica. Its legal entity is in Panama. The company began as Rancho San Rafael SA and became Agro-Resources International Inc SA (Panama), or Agro, in 1983, to create a more feasible transition for a US public share offering. However in 1987 the shareholders voted to put the company into liquidation when the experimental jojoba project wasn't successful. Prior to this, Harold J. Peacock, the company's founder, contributed his own valuable personal beachfront properties to the company as a gesture to the shareholders. In 1988 these properties were fraudulently sold and the company sued to recover them. Peacock died in December 1990. In October 1993 Peacock's eldest son successfully took control of the company from dissident employees and one family member. The shareholder assembly of October 1993 voted by an overwhelming 87% to reverse the liquidation and launch litigation to recover the properties and put them into development ( see 1994 Report to Shareholders). All or part of the properties were again fraudulently sold in 1996, 2001, and 2003 (see Irrevocable Purchase Agreement). In 1998 litigation against previous board director Luis Echeverri was filed to recover a partial sale of the property (Ritz Carlton Resort Site) which resulted in a settlement (see Echeverri Settlement Agreement) which in turn set up a trust and mortgage scheme. On July 14, 2005 a trust and mortgage scheme (see Casseekey-Agroresources Trust) was executed to fortify the sale of 2001. The Ritz Carlton site, after being recovered, was again illegally transferred to a third party in 2007. This triggered the company's only remaining, meaningful litigation to have its properties returned. The litigation began on January 7, 2008 (see Casseekey Investments vs Agro-Resources International), after which Agro countersued Casseekey (see Claim Reply and Counterclaim). Over the years the properties' value has grown astronomically, exceeding Californian prices at the market peak of 2008 (see Richard Ellis Appraisal Re: Iguanita and Iguanitas Parcels) and effectively giving Agro land a value of over $350,000,000. This is for the land alone, without taking into consideration the enormous additional revenue achieved through development. The magnitude of the asset value and its appreciation over the years have been a direct catalyst for corruption.