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Freeze of Buccament Bay Resort assets averted

KINGSTOWN, St. Vincent, March 11, IWN – A court in the United Kingdom has rejected a bid to freeze the assets of Buccament Bay Resort and Harlequin Property as investors tried to recoup their money.

Travel Weekly reported Ann Wells, Harlequin’s head of sales as saying solicitors for six purchasers of properties at Buccament Bay Resort, applied for a freezing order against Harlequin Property and Buccament Bay Resort Ltd.

“Harlequin is pleased to say that the court refused to grant the application and we are trading as normal.”

She further said that Harlequin “denies any wrongdoing and looks forward to clearing its name in relation to the other allegations that are currently being referred to in the press”.

Meanwhile, Echo, another Internet publication, said the bid to freeze the assets was ended after the investors, who were trying to get back a total of 500,000 pounds sterling, were paid out.

Echo says that Harlequin has sold 6,000 off-plan holiday units since 2005 but built just 300 at Buccament Bay.

It quoted Gareth Fatchett, solicitor for the firm that brought the case, as saying that their primary aim was for the return of the six investors’ deposits.

“We now have 20 more investors seeking refunds due to missed completion dates,” said Fatchett, who visited St. Vincent in February as part of the case.

PM appreciates investor’s concerns

And, Prime Minister Dr. Ralph Gonsalves, in a letter to the BBC last week, said he appreciates “the concerns of individual investors who placed investments with Harlequin.

“I am uneasy, too, about some local suppliers of goods and services in St. Vincent and the Grenadines who mav not been paid in full on a timely basis,” he further said, in a letter in which he complained about an encounter with two BBC journalists in Barbados in February.

“As far as the government of St. Vincent and the Grenadines is concerned, we have done nothing wrong or improper. Like Barbados and St. Lucia, St. Vincent and eh Grenadines facilitated the investment b offering the usual investment incentives. Thus, the Government and people of St. Vincent and the Grenadines cannot be held responsible for any investment of management challenges of the Developers of disputes between them and those in the United Kingdom who are disgruntled for one reason or another. These are for the Developers to resolve,” he said in the letter to Tim Giles, editor of the BBC’s “Panorama”, which is producing an investigative piece about Harlequin.

“St. Vincent and the Grenadines provides a sound investment climate and a well regulated open, transparent, democratic society of high international standards,” Gonsalves further said in his letter.

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Discussion

3 thoughts on “Freeze of Buccament Bay Resort assets averted

  1. It’s a bit disingenuous to say that the court has “rejected” a bid to freeze Harlequin’s assets. IFAonline a financial news web site reports on the court proceedings thus:

    “Harlequin Property, a UK-based overseas property sales agent that is not regulated by the Financial Services Authority (FSA), has agreed a “substantial” out of court settlement with a number of investors who wanted their money back.
    ………..
    Within the court proceedings an application was made to freeze Harlequin Property ‘s assets, however the parties reached an agreement on the 8 March 2013. The terms of the settlement are confidential.
    Procedurally, the claimants’ lawyers will appear before the court on 14 March 2013 to obtain an order from the court finalising proceedings.”

    Read more: http://www.ifaonline.co.uk/ifaonline/news/2253739/harlequin-property-makes-substantial-out-of-court-settlement#ixzz2NF8HpWch
    IFA Online – News, blogs and analysis for IFAs.

    Posted by Pat Robinson Commissiong | March 11, 2013, 10:58
  2. And Barbados Free Press, another blogging site reported since Saturday- that it was the investors’ lawyers who dropped the case because a settlement had been reached. The lawyers are also reported to have said that they now have a further 20 investors who also want their money back – so it ain’t done yet. Barbados free Press report::

    BREAKING UPDATED: Harlequin pays off investors who launched court action!

    Saturday March 9, 2013 7:20am Bridgetown

    Echo News reports this morning that the Birmingham High Court bid to freeze Harlequin’s and David Ames’ assets was dropped yesterday when a settlement was reached.

    Apparently Harlequin paid off six investors represented by Gareth Fatchett of Regulatory Legal, who dropped the court case. Said Fatchett: “Our primary aim was for the return of these investors’ deposits. We now have 20 more investors seeking refunds due to missed completion dates.”

    Posted by Pat Robinson Commissiong | March 11, 2013, 11:10
  3. i-witness-news quote; “A court in the United Kingdom has rejected a bid to freeze the assets of Buccament Bay Resort and Harlequin Property as investors tried to recoup their money”. This is a total lie, the freeze was not rejected, the hearing for such was moved to the 14th of March 2013. Only after Harlequin paid the claimants was the matter dropped.

    Gonsalves said “As far as the government of St. Vincent and the Grenadines is concerned, we have done nothing wrong or improper. Like Barbados and St. Lucia, St. Vincent and eh Grenadines facilitated the investment b offering the usual investment incentives. Thus, the Government and people of St. Vincent and the Grenadines cannot be held responsible for any investment of management challenges of the Developers of disputes between them and those in the United Kingdom who are disgruntled for one reason or another. These are for the Developers to resolve,” he said in the letter to Tim Giles, editor of the BBC’s “Panorama”, which is producing an investigative piece about Harlequin”.

    Of course we should be concerned about Barbados and all the other resorts, because it is said that money from other resorts has been spent on Buccament. If that is true and we know it to be so, we must feel for those investors in other projects having their money plonked into the Buccament project without their permission.

    The March 11, 2013 I-Witness News, Freeze of Buccament Bay Resort assets averted;
    This contains more lies and bent truths, Harlequin and Ames were saved on this occasion by paying out in full the claimants, because in equity the settlement only requires paying what’s owed to the claimants, any further action after paying the claimants like freezing or closing down the project would be deemed a punishment and not a matter for the Court after financial settlement. Had Harlequin not settled, I feel sure a Freezing Order would of been granted on the 14th of March.

    With regards to the Birmingham Crown Court case 3BM30141, the case was brought on behalf of 10 individuals under case reference on Wednesday 6th March 2013. Within the substantive proceedings an application for a freezing order was made. The freezing order application was listed on the 7th March 2013 at 2pm. The judge postponed the hearing of the application until the 14th March 2013. The Claimants asked for an interim order for 7 days until the hearing on the 14th March 2013, the Court declined considering that until March 14th.

    In the corridors of the Court, the parties reached an agreement on the 8th March 2013. The terms of the settlement are confidential. Procedurally, the Claimants lawyers will appear before the court on the 14th March 2013 to obtain an order from the court finalising proceedings, dropping the freezing application and all other proceedings on behalf of these particular claimants.

    In other words the freezing order and claims against Harlequin will be dropped since Harlequin agreed to pay the claimants.

    This is not a judgment by the Court, its an agreement by the parties.

    Posted by peterbinose | March 11, 2013, 13:06

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