"It's a sad story and it's a pity that we don't have a government which has the guts to come up with a regulatory regime beforehand," Budde said. "We're all paying for the fact that the government is basically telling the industry 'you set the regulatory rules'. No other country in the world has done that and I think it is definitely creating a worse situation in this country with this total lack of government leadership on the regulatory side."

A Terrapinn spokesperson said McKenzie had been replaced by Havyatt.