EFTA02313783.pdf

From: Marc.Kensington Sent: Monday, April 1, 2019 9:18 AM To: Karyna Shuliak Cc: Mark Lloyd; Alex Peto Subject: Bin Ennakhil Dear Karyna P=ease read this but my goal is not to change your decision. I hate to leave a sale process with su=h a bad feeling of the potential buyer. You are an extraordinary wise young wom=n. I could be your grandfather and the owner is ten years older. This might ha=e had an effect on our discussions which started about 6 weeks ago. I flew numerous times to Italy to negotiate different points. Agreeing t=e price reduction from 29 (with an additional building permit for hospitality= still pending) to 23 (for a very quick deal). Following, the ven=ors full point of view The property You visited the property a=d loved this architectural masterpiece. Checking structure and roofs, as you mentioned, is totally right. A survey of heating, cooling, plumbing and electricity (installed with the latest Swiss technology in the early 90s) m=ght show some updates to do even if everything is working. The AML=/span> The AML is a pure American regulation applied worldwide fighting against money laundering. It secures vendor and buyer. The emitting and receiving banks certify that their clien=s are "clean". Two sales failed in the last 24 months for this unique reason and the first step for the vendor and his =ank was to get this AML done. The Due Diligence Since 1=90, the property had only one owner, Pamur Anstalt. Directors of Pamur probably changed several times. Is this really important ? As a new owner, Haze Trust would also probably have changed the directors and maybe sold Pamur to another entity.=/span> Taxes in Morocco They are two ways to sell the property, but they can't be mixed. First one: sale of th= property. Pamur Anstalt has to provide the investment balance and pay the capital gain taxes (31%). The vendor rejected this option, as explained. He needs then 4 years to receive the full net amount out of Morocco. Second one: Sale of the Pamur Anstalt shares in Liechtenstein. Haze Trust or any other entity is the shareholder of the Pamur Anstalt, and nothing changes in Morocco, except ne= directors EFTA_R1_01204486 EFTA02313783  Transferring the ownership of the property to Haze Trust comes back to option 1, with payment of capital gain. Strategically this would be a financial disaster. I enjoy=d to exchange with you, did not play a game between two "competitors" and wish you a happy investm=nt in Morocco. Yours sincerely Marc LEON Partner KENSINGTON Luxury Properties Sarl aspan> Private Office Marrakech 67, rue Ibn Khaldoun Imm= El Pacha, ler etage 40000 - Marrakech (Morocco) www.kensingtonmorocco.comaa> <http://www.kensingtonmo=occo.com> <=div> 2 EFTA_R1_01204487 EFTA02313784