Sunday, March 26, 2023

Chief executive of Paramount resort steps down

THURROCK residents take a keen interest in the possible development of a massive Paramount resort just across the water.

So, we thought we would give you an update courtesy of Kent Online.

The chief executive of the developer of a Paramount resort in Kent has stepped down days after questions were raised about one of its Chinese investors reports Kent OnLine.

David Testa has also ceased all his roles with the Kuwaiti firm KEH Group, which is bankrolling the plans for the £3.2 billion attraction and also owns Ebbsfleet United Football Club.

He has been replaced with immediate effect by Humphrey Percy, the group chief executive of KEH, who takes on the same role at London Resort Company Holdings (LRCH), the company putting together the Paramount plans.

The move comes less than a week after the former director of SinoFortone, a Chinese investment firm, raised doubts over its ability to meet a £100 million pledge towards the theme park.

Sir Richard Heygate, who resigned in December, said SinoFortone’s commitment to the Paramount plans had fallen apart when China’s state export credit agency, Sinosure, refused to provide finance.

The Paramount proposals, which it is estimated could create 33,000 jobs, have been beset by setbacks under the tenure of Mr Testa.

It is not expected to open before 2022, with its launch date formally put back three times, and a planning application is yet to be submitted after originally being scheduled for summer 2015.

The rest of the article can be found here.



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