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Report from Larionovo Meetings at Airport

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  • 10-06-2010 3:28pm
    #1
    OverseasCafe
    Closed Accounts Posts: 26 ✭


    Was anyone at the meetings at the Airport with Probir Chatterjee over the past two evenings relating to property sold in Dubai by Larionovo.

    I couldn't get to them myself and was just wondering how the meetings went and what transpired that might be a help, or hindrance, to the investors involved.

    If you don't want to post here you can PM me or just send an email to info@OverseasCafe.com.
    Tagged:


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    #2
    SimonPRepublic
    Registered Users Posts: 88 ✭✭SimonPRepublic


    STATEMENT BY THE DUBAI ACTION GROUP

    Following the meetings this week between the Dubai Action Group and Mr Probir Chatterjee, of Innovation SEZ Developer Ltd, at the Carlton Hotel Dublin, the Dubai Action Group would like to make the following statement:

    Mr Chatterjee presented his proposals to approximately 150 investors, over a series of meetings during his two day stay. In summary the proposal is as follows: Innovation SEZ Developer Ltd has taken over the shares in the three development companies responsible for building Eagle Heights, Bermuda Views and Profile Residence. They have declared that they will build out our buildings if they get sufficient numbers of investors to sign up to their proposal, which includes a new payment schedule.

    Innovation SEZ Developer Ltd intends to shortly send out an addendum to our current contracts for approval and signing.

    Whilst the Dubai Action Group is interested in examining this proposal we cannot recommend it to our members until we have had the opportunity to study the written document in detail.

    We believe a cautious and measured approach to any proposal containing adjusted payment schedules is vital given our experience to date.

    We welcome all comments and suggestions from our members and a more detailed email will go out to members next week.

    Kind regards,

    The Committee,
    For and on behalf of the Dubai Action Group

    Ends


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    #3
    MRBEAVER
    Closed Accounts Posts: 206 ✭✭MRBEAVER


    You can't be serious. They want ye to give them more money. Now that would be a really stupid thing to do. Face it. Ye were caught up in the Celtic Tiger property delusion and ye got scammed. Your money is long gone. Accept it and move on.


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    #4
    SimonPRepublic
    Registered Users Posts: 88 ✭✭SimonPRepublic


    MRBEAVER personally I didn't invest in the project, I just represent the Dubai Action Group. Any recommendation they make to their members will be based on a very measured and cautious approach, only after due diligence and sign off from their legal advisers. The investors are effectively now partners in the project and need to approve any further progress.


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    #5
    testicle
    Closed Accounts Posts: 5,430 ✭✭✭testicle


    Who'd want to buy anything in Dubai now?


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    #6
    SimonPRepublic
    Registered Users Posts: 88 ✭✭SimonPRepublic


    testicle wrote: »
    Who'd want to buy anything in Dubai now?

    This relates to units that have already been bought, in some case four or five years ago, and where part payments have been made. Some properties still selling locally there at current value; but only once a development is 80% or 90% complete, so that the buyers are sure the developer has the funds to complete the projects. The days of anyone buying off-plan are long gone.


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