Landbanking firm Raided by CAD
A prominent landbanking firm with the well-known tagline of ‘Buy UK Land!’ was raided by CAD last week, according to a report in the 26th August 2010 issue of The Business Times. The story was reported in the Today paper on 20th August.
According to The Business Times report, documents were carted away and the directors were brought in for questioning.
12 unhappy investors also showed up at the company’s office on 24th May. There was shouting and shoving and the police were called in. More than 40 investors showed up at Speakers Corner on 12th June to protest against the company. There was also a report of an investor suing the company after she failed to get back her investment of US22,500.
The managing director of the company was quoted as say that the complaints and CAD probe are a result of “people (being) frightened of what they don’t understand“. The company also claimed that they never lost any money for their clients. The operations director mentioned that the bulk of their customers “keep coming back – 70 to 75% of their business is repeat business.
From the forums and media reports, it does seem that many investors have problem getting their money back. A personal friend had to resort to making repeated phone calls to the management and threatening with complaints to the media that he finally managed to get his money back.
When CAD first investigated Sunshine Empire, the company was also full of confidence and claimed that they welcomed the CAD probe.
It remains to be seen how this probe will turn out.
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Tags: Landbanking
