Businessman Lupesina Frederick Grey, who previously ran the Aggies Grey Grand Hotel in Vaisigano, has reportedly had two of his hotels in Tahiti placed in receivership. 

The two Sofitels in Bora Bora belonging to Lupesina as well as the holding company owning the properties were placed in receivership by the Mixed Commercial Court (T.M.C.) of Papeete in September and October this year, according to a report published on Wednesday by French language news portal Tahiti Infos. 

The online media outlet reported that a new hearing has now been set for 13 February 2023 when the Court will attempt to establish the extent of the claims at the end of the observation period. The dissolution of all the assets of the businessman in French Polynesia was confirmed, the report added.  

“On September 26, the Mixed Commercial Court (T.M.C.) of Papeete placed the Sofitel Bora Bora Private Island in receivership due to debts owed to the Social Security Fund,” the Tahiti Infos online article reads. 

“On October 10, the businessman's other hotel, the Sofitel Bora Bora Marara Beach Resort, was also declared insolvent and placed in receivership.

“Finally, still during this hearing of October 10 the T.M.C. also placed the company Lupesina Tahiti Investments – the holding company managing the hotels – in receivership because it had not paid corporate taxes.”

The Samoa Observer sent questions to Lupesina seeking his comment on the story published online by the French language news site. There has been no response to the questions from the Samoan businessman by press time. 

Tahiti Infos reported that Lupesina’s Tahiti investments being put into receivership point to the demise of his hotel empire in the French territory.

“Because, in addition to these two hotels in Bora Bora – closed for two years – the businessman is also the owner of the Tahiti Ia Ora Beach Resort which was placed in receivership last January when it held debt liabilities bordering the billion XPF. 

“A new hearing, during which the situations of the two Sofitels in Bora Bora, the Lupesina Tahiti Investments holding company and the Tahiti Ia Ora Beach Resort will be studied, has been set by the T.M.C. for February 13.”

The placing of the hotels in receivership comes on the back of the Polynesian Competition Authority approving the takeover by businessman Louis Wane of a travel agency called Tahiti Nui Travel, which Lupesina had owned since 2016, Tahiti Infos reported. However, the travel agency was placed in compulsory liquidation in 2020, its woes exacerbated by the French territory’s health crisis.

Tahiti Infos also reported that in order to maintain his business, Lupesina sold the Sofitel of Moorea to the same Louis Wane, a transaction which allowed him to reinject 250 million XPF into the travel agency, though this did not prevent its acquisition a year later.