These victims did not know that they were putting money into very illiquid investments and in a property market that has been in serious distress since 2008. In fact, the Vila Verde resort is right next door to TRG's developments on Sal Island and the developer Tecnicil has been trying to sell 650 of their properties at under half the original sale price. Their latest accounts show they managed to sell just 1 of those properties in the previous 12 month period. The Vila Verde resort sits largely as a ghost town with few tourists booking holidays there.
The Cape Verde government recently set up a company in Brussels called Afroverde Capital Partners to entice EU and UK pensioners to invest up to 100 million Euros in yet more properties that are not even on the main tourist islands. This, even though Cape Verde's three main tourist islands are littered with failed developments. Read more about it here
I cannot stress enough - Cape Verde is a high risk investment in an unregulated industry. Should you have problems, the Cape Verde government and courts will not help you - that has been proved by many UK and Irish investors since 2006. You may consider it safer to gamble your money in a casino.
If you have any knowledge of companies in the EU or UK that are trying to entice people into investing their pension money in Cape Verde please contact me and I will publish the details here. The UK Pensions Regulator TPR state that "Investment in The Resort Group is entirely illiquid. The investment can only be sold upon completion (not due until 31 December 2016, assuming there are no delays in construction). There are concerns as to whether or not a viable secondary market exists.’
I have been informed that the Panorama documentary is littered with false information is this true?
ReplyDeleteI have been informed that the Panorama documentary is littered with false information is this true?
ReplyDeleteYes it is. The retired police officer who lost his pension had not invested a penny into The Resort Group. The BBC have issued an apology but tucked it away on Radio 4. All of TRGs hotel developments have been hugely successful. All are managed by either Melia International or Tui Sensimar (yes Thompsons). I stayed on the Sensimar last week and it was packed, as were the other resorts. Villa Verdhe resort failed because it couldn't get a hotel management with somebody like Melia and crucially its not beach front unlike the TRG resorts. Melia by the way are the largest chain of all inclusive holiday resorts on the planet. I don't work for TRG. I invested in a property on Dunas Beach Resort back in 2011. It took a few years to get going and produce a reasonable return but I'm getting close to 7% yield currently. Potential investors do need to be aware that it is an illiquid investment. If you are over 55 and need access to your pension fund you would have a problem if you had invested most of your funds in bricks and mortar. TRG are an immensely successful company and they are currently constructing hotels that will be managed by Hilton. Yes, that Hilton.
DeleteExtremely worried now
ReplyDeleteIf you are worried and want up-to-date information please contact our Firm Philip J Milton & Co Plc (via the website). There are sufficient reasons to have concerns and miss-selling of the original pension related investments to wholly unsuitable people.
ReplyDeleteWe bought a unit of white sand hotel in Boa Vista island in 2017 from the TRG. since June 2019, TRG stops to pay the rent as indicated in the purchase contract. We want to terminate the contract and get our investment back. any lawyer firm can help us?
ReplyDeletei made short term cash investment with TRG and was given false promised that they will sell it for me. What they didn't say is that they don't have selling facilities and only put it on their panel for internal investors only. now i'm stuck as it's impossible to sell. is there any solicitors can help pls.
ReplyDelete