Property Developers Dubai
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Property Developers Dubai
Just heard from a colleague that a certain person in charge of a property development company, H & M, which quite a few EK pilots have ploughed their money into, is now resident of the Dubai police's accommodation. Sounds like most of the money taken offshore and has disappeared. Funny old thing I remember receiving in my mailbox at work last year a personally endorsed advertisement of said company by one of our Airbus TRI's. For those of you with post dated cheques it may be wist to seek legal counsel or try to bank the cheque!
Join Date: Jun 2005
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Okay, I have spent a few days making numerous phone calls, visiting friends and speaking to a few contacts. The information here is nothing secret but I can't print everything for legal reasons. The case is ongoing.
Hampstead and Mayfair, a Dubai registered Company, offered an investment deal related to property development here in Dubai. Post dated cheques were issued as a guarantee and were made out for the sum of the capital investment and a 30% return. This was for a period of 6 months. The Company was ( is ) owned by a Mr Peter Margetts, a British developer who's website claims to be behind several large and successful projects in the UK. . Funding for projects here in Dubai was to be from syndicates and some high net worth individuals. Several projects were completed and with this success behind him, further funding was sought. Unfortunately, with huge debt and massive commitments, the crisis hit. Sales suddenly dried up and with no cash flow, there was simply no cash available to honour the cheques. As that is a criminal offence here in the UAE, the developer has found himself doing porridge. The Company over stretched itself and had no money left to pay out. Or did it?
The developer must have suspected that the situation was hopeless the moment the market bombed. Returns could only be given if sales continued and values increased, neither of which occurred. A Large some of money went missing late last year. It may have been fraudulently taken from the developer by an Iranian business man, as claimed, or may have been 'lost' into a Swiss bank account. As I said earlier, due to the ongoing investigation, very little can be made public until proven in a court of law. I have no firm numbers but I suspect there will be 70-90 Pilots who will be out of pocket on this one.
Whatever the outcome, whether the man was unfortunately caught up in events beyond his control or whether he's an out and out con man, one thing is for sure. When people tell you that an investment is too good to be true......................
60% p.a. sounds like one such investment to me.
Harry
Hampstead and Mayfair, a Dubai registered Company, offered an investment deal related to property development here in Dubai. Post dated cheques were issued as a guarantee and were made out for the sum of the capital investment and a 30% return. This was for a period of 6 months. The Company was ( is ) owned by a Mr Peter Margetts, a British developer who's website claims to be behind several large and successful projects in the UK. . Funding for projects here in Dubai was to be from syndicates and some high net worth individuals. Several projects were completed and with this success behind him, further funding was sought. Unfortunately, with huge debt and massive commitments, the crisis hit. Sales suddenly dried up and with no cash flow, there was simply no cash available to honour the cheques. As that is a criminal offence here in the UAE, the developer has found himself doing porridge. The Company over stretched itself and had no money left to pay out. Or did it?
The developer must have suspected that the situation was hopeless the moment the market bombed. Returns could only be given if sales continued and values increased, neither of which occurred. A Large some of money went missing late last year. It may have been fraudulently taken from the developer by an Iranian business man, as claimed, or may have been 'lost' into a Swiss bank account. As I said earlier, due to the ongoing investigation, very little can be made public until proven in a court of law. I have no firm numbers but I suspect there will be 70-90 Pilots who will be out of pocket on this one.
Whatever the outcome, whether the man was unfortunately caught up in events beyond his control or whether he's an out and out con man, one thing is for sure. When people tell you that an investment is too good to be true......................
60% p.a. sounds like one such investment to me.
Harry
