Thursday, September 11, 2008

Orient Palace, Bodrum - Pursued in Irish Courts

There is an update on the Orient Palace project in today's Irish Times. The development is in Bodrum, Turkey.

The Times article says "Twenty-eight Irish couples who invested millions in a Turkish apartments development have been granted High Court permission to issue and serve claims for their money back on the developers." It goes on to say that the couples have "obtained an injunction in the Dutch courts freezing €4,329,000 they had paid into investment funds in the Netherlands."

According to the piece: "Irish, British and other investors paid more than €30 million in 2005 for apartments in Bodrum which were supposed to have been built and completed by the end of 2006."

It also says: "Yesterday's proceedings were launched against the Turkish company, Euro Holding AS, which, Mr Beatty said, claimed to own the property where 188 apartments were to be developed in a new five-star resort of 1,000 units. He said it now transpired they did not own the property."

The piece claims that Robin Donagh, a solicitor with Mason Hayes Curran, stated in an affidavit; "construction was to have been completed in September 2006 but instead the development is now an unfinished shell. There had been no further construction for more than 12 months and completion seemed unlikely."

He also said that Euro Holding had either acted as principal or in partnership with Unifin Groep BV, a Dutch-registered company with offices in Arnhem.

The piece also says; "Mr. Donagh said these two companies engaged with three other defendants, Turkey Real Estate Direct Ltd, Thomas Collins (Auctioneers) Ltd trading as Remax Associates; Celturk Ltd, trading as Astute Property International, and Med Dreams Property, in extensively advertising and marketing the development to Irish consumers. Unifin Groep had been legally established under Dutch law to market, sell and collect all purchase money for the development on behalf of Euro Holding."

This latest development with the Orient Palace development is detailed on our site, you'll find the piece here. The full Irish Times story is here. The article features in the Indo today as well, but it is practically the same piece, even written by the same guy, except that it's been edited more than the Times piece. The Indo article is here.

This development has been discussed in a previous blog which can be found here. Once again the picture used here is of the Orient Palace I in Alanya because the Bodrum project is only 40% complete (not Orient Palace II in Alanya which hasn't got any further than the Bodrum version). Couldn't have you looking at pictures of half finished buildings now, could we?

The Orient Palace project is, worryingly enough, still being promoted by Euro Holding despite the fact that the company has absolutely no possibility of completing the project in its current financial state. You can find the promotion at their website here

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