Does Harlequin really have any significant net assets?
TSL Global Consultancy is preparing a class action lawsuit by investors against Harlequin, David Ames and associated companies of which there are many.
“Dozens and dozens” of dissatisfied people who invested in Harlequin projects in the Caribbean and Thailand are contacting TSL, a source close to the company tells Barbados Free Press. It is expected that several hundred investors will sign onto the lawsuit.
Some observers, however, are questioning just how much money and assets still exist under the the Harlequin umbrella in light of the extremely high commissions paid to agents (over 30% according to some sources) and profits already taken by the Ames family and close associates.
Some sources indicate that Harlequin has taken in over £200 million in deposits from trusting investors but only a fraction of this exists now.
According to the now-defunct Harlecon.net website, large areas of indicated development at various Harlequin projects are actually ‘planned’ on land not yet purchased by Harlequin which holds only purchase options on land surrounding smaller plots where some building is taking place.
In March of 2012 BFP ran a story that the U.K. Serious Fraud Office had opened an investigation of Harlequin Resorts. This followed a February report that Harlequin’s auditors had refused to sign off on the accounts, and a recent report that Harlequin had sued its accountants as being responsible for the Harlecon.net website.
For access to all Barbados Free Press stories on Harlequin, click here
Interested investors can contact the class action lawsuit directly at:
Phone: 0844 504 9793 in the United Kingdom.