Dubai Action Group responds to Innovation Proposals

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

Attention Dubai Clients of Larionovo and Profile

Solicitor, Anthony Joyce, has been in touch with the site to say that he is currently looking for clients of both Ennis based Larionovo and its Dubai based sister company, Profile.

Larionovo, of course, went into liquidation in November 2008, but its former clients are undeterred. They have now formed The Dubai Action Group to fight their corner against what they feel is the unjust way in which they have been treated. Developments in which worried investors bought include: Eagle Heights, Bermuda Views, Stadium Point and Profile Residences; all are developments within the landmark proposed Sports City project. Other developments in which investors had become involved include: International City, Snowdome Residences, 050 Waterfront and the Island of Ireland in the, now infamous, World development 20 minutes off the coast of the Emirate.

Such was the volume of property sold by Larionovo, the Group currently has 200 members signed up with a further 100 who have been in contact and shown an interest in joining. The Group is currently recruiting new members with a view to instigating legal action. The Group will close before any action is taken and no new members will then be allowed to join.

The group has appointed Joyce to undertake litigation on behalf of the purchasers in relation to parties involved in the projects both in Ireland and in Dubai. Readers of the blog will be aware that Joyce has experience in recovering funds for overseas property owners, having taken a high profile legal action against Irish agent Kuvera regarding developments it was promoting in India. In July, Joyce used the new facility in the Commercial Court to secure property assets, company shares and cash for the Kuvera Action Group just eight weeks after injunctions were issued. A legal action is also currently in motion against the indemnity insurance that covered Kuvera’s legal adviser, Seymour Major. Action in India is also progressing.

See here for further information on the Dubai action.

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