Harlequin Legal Survey – Results to be published here

Gareth Fatchett of Regulatory Legal Solicitors

Gareth Fatchett of Regulatory Legal Solicitors

Lawyer Gareth Fatchett and Regulatory Legal Solicitors are conducting a survey of Harlequin ‘investors’. The results will be published here at Barbados Free Press, and we understand that Mr. Fatchett will be making additional recommendations based on the results.

We encourage readers to head on over and take a look, and then make your own decisions.

After all, we at BFP didn’t invest in Harlequin and I can’t say we know of any Bajans who did. That might have been a flag for foreign investors or a question they might have asked. Too late now to ask “Have any locals invested?”, but next time maybe!

Harlequin Investor Survey

About these ads

8 Comments

Filed under Consumer Issues, Offshore Investments, Real Estate

8 responses to “Harlequin Legal Survey – Results to be published here

  1. just want to know

    I wish BFP will go after CLICO as they did HARLEQUIN!!!!

  2. casual observer

    I see Barbados Underground has now taken up the Harlequin scam.

    http://bajan.wordpress.com/2013/03/24/harlequin-investors-lifeline/

    I quite agree with you, just want to know, anonymous blogs need to be used to expose corruption at these high levels.

  3. Pingback: Harlequin Legal Survey – Results to be published here | Friends of St Lucia's UNESCO World Heritage Site

  4. Erica Broughton

    @just want to know, You need a good solicitor and form a group of genuinley concerned investors and I am sure you would get the support from BBFP and other media, Good luck.

  5. Pingback: News about Harlequin | cpcholding

  6. truthseeker

    the st lucia st vincent and barbados government officials have fed at the pig trought of greed with harlequin resorts now they are denying and covering up the inevitable where is the british high commision are they also involved or conveniently asleep or getting at cocktail parties sponsored by harlequin how could this monstrously fraudulent ponzi scheme sustained itself without corrupt officials looking the other way this scheme exposes politics as a system of institutionalized corruption and politicians clearly involved in a continuing criminal enterprise who will speak for the cheated retirees and pensioners im afraid not anyone ????

  7. perplexed

    @truthseeker………exactly! that’s why I call myself perplexed.

  8. St George's Dragon

    “Press Release Tuesday 9th April 2013
    Investors who put their faith in Harlequin are still left in a vacuum
    Investors clamouring for answers from Harlequin, the beleaguered Essex-based overseas property company, say the silence from the company is conspicuous. This was the overwhelming response to a survey of over 150 investors conducted by Risk Warning, the law firm specialising in class actions on behalf of distressed investors. The key findings of the survey (attached) reveal that –
    •Contractual completion dates for properties they purchased through the Harlequin Property Scheme between 2008-10 were not met by two thirds of those surveyed
    •In cases where mortgages were taken out by investors and Harlequin promised to support the mortgage interest payments, 50% said they were not up to date
    •40% of investors asked for their money back from Harlequin but only two have had the money returned
    •45% of investors were told the Harlequin investments were low risk and a further 40% did not receive a description of the investment risk
    Since 2006 all the investors surveyed have been paying into the Harlequin scheme by cash, through their pension scheme, or by remortgaging their existing properties. In a fast deteriorating situation surrounding Harlequin, which was to have been the subject of a cancelled BBC Panorama programme on 25th March, developments include –
    •Severe problems with interest payments on borrowings due under the terms of Harlequin’s agreement with investors
    •An FSA alert questioning the suitability of advice given by advisers who recommended Harlequin as an appropriate pension-based investment
    •An investigation by the Serious Fraud Office and Essex Police who are seeking information from investors in Harlequin schemes in the Caribbean and elsewhere
    •The decision by TailorMade Independent (TMI), a leading IFA and Harlequin distributor to stop taking SIPP investments in Harlequin
    •The resignation of Harlequin’s recently appointed accountant, BDO Stoy Hayward
    Risk Warning set up the Harlequin Investor Group to represent the interests of investors and brought action in the High Court to freeze the assets of Harlequin Property. Following out of court settlements, claims of around £500,000 have been achieved on behalf of six investors.
    Commenting on the findings of the survey, Risk Warning’s Gareth Fatchett says: ‘What is clear to us is that investors are unnerved by the lack of information from Harlequin, causing fear, doubt and uncertainty about the safety of their investments. We believe that the responses we have had to our survey are indicative for thousands of Harlequin investors up and down the country. We are now pressing ahead with claims on behalf of an additional 20 Harlequin investors seeking refunds due to missed completion dates. We have also set up meetings in Manchester, Birmingham and London this week for investors who are seeking answers to delays with Harlequin projects.’
    Mr Fatchett continues: ‘Amongst a whole range of accounting and governance issues, questions we are asking include –
    •Why SIPP investments appear to have been made before the land was owned by Harlequin?
    •Why agents seem not to have confirmed the land position or obtained information on the Caribbean company before they sold the investments?
    •Why due diligence undertaken by SIPP trustees and advisers appears not to have included basic checks into Harlequin’s accounts for their Caribbean companies?
    ‘There is no time to lose’, urges Mr Fatchett, ‘particularly if you are an investor in Harlequin Property SVG Ltd, Buccament Bay Resort or other Harlequin resort development companies. We strongly recommend that you review your legal position now so that claims can be set in motion to safeguard your money. We are asking investors to complete a short questionnaire and provide relevant information about their Harlequin investments. Risk Warning will review this information to help us determine the next steps, including possible professional indemnity insurance claims.”

Tell the world what you think about this!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s