This out from Peter and Shahram Malek, after the city’s news conference saying yesterday their company failed to pay the full amount on their first loan instalment and that the city is going after their assets.

STATEMENT FROM MILLENNIUM

September 30, 2010

We have heard the City’s concerns today about the taxpayers investment in this community, and share the City’s interest in protecting the value of the asset for the public and Millennium. We care passionately about this project and what we have accomplished here.
 
Not everything in an accountant’s report describes how we arrived at this place. There have been many hurdles to get over – including delivering the Olympic and Paralympic Village on time, which we did. We created the Olympic Village – now called Millennium Water – for Vancouver, for British Columbia and for Canada. That commitment has never changed.
 
We are in active negotiations with the City.
 
While we are in negotiations with the City, we understandably will not have a lot to say publicly. However, in the weeks to come, we will continue to work tirelessly with the City to develop a mutually acceptable plan that protects the value of the asset for all stakeholders.
 
We will make ourselves available to the media for further comment next week.
 
Shahram Malek, Director, Millennium
Peter Malek, President, Millennium