Seminar on Property Investment in Brazil - June 24th

Just received the following message from the Brazilian Embassy:

"The Embassy of Brazil in Ireland will hold a whole day seminar on Commercial Properties and Investment Opportunities in Brazil, on 24th June, at the Royal College of Physicians, 6 Kildare Street, Dublin 2.

Several experts will address attractive real estate and investment opportunities for a target audience composed of developers, investors, financiers from investment banks, private banks, private equity firms, infrastructure funds and construction companies.

Political and economic stability, competent and transparent legal and regulatory framework, strong banking system, dynamic trade sector and a domestic-driven economic growth made Brazil resilient to world recession and rich in attractive business opportunities. With a forecasted economic growth rate of 5-6% for 2010, the discovery of the Pre-Salt Oil Layer, the upcoming major sports events taking place in Brazil, such as 2016 Olympic Games, have created additional demands that need to be satisfied in the near future.

Brazil's $1.3 trillion GDP is bigger than those of India and Russia, and its per-capita income is nearly twice that of China. Recent discoveries by Brazil's state oil company made the country one of the world's largest energy-producing country which will fuel growth for many years to come. In 2009, despite the sharp contraction of capital flows, Brazil attracted $25.9bn of foreign domestic investment, and should reach more than $35bn this year.

Topics to include:

Sites for development of low and middle income housing, construction of shopping centers and resorts, profitable bio-fuel investments and attractive infrastructure projects.

For further information, contact: The Embassy of Brazil in Dublin, commercial@brazil.ie or ring +353 1 416-1216."

Erroneous Ryanair Cancellation Announcement

The ash cloud, oh my God, the ash cloud - would it ever simply move off and leave us alone?

I had an interesting encounter with the big baddie at the weekend.

We were to travel from Gothenburg in Sweden back to Ireland via Stansted. Having nothing better to do we decided to make our way to Gothenburg City Airport early to return our car and have a bite to eat at the airport before takeoff. There had been no indications of any delays or cancellations so we were pretty comfortable in the knowledge that we were to leave as scheduled. Travelling back to Ireland was, literally, a problem for another day.

Having checked in my bag and had something to eat we still had some time still to spare so I decided to check my email. Imagine my surprise to receive the following:

Important Information Regarding your Flight

Dear Customer   We sincerely apologise for the cancellation of your flight departing the 08 May 2010 The flight has been cancelled because of the closure of Spanish/French airspace due to the ash cloud caused by the volcanic eruption in Iceland   TO REBOOK FREE ONLINE:  Click on the link below to rebook to the same destination airport on an alternative flight free of charge, subject to availability. Customers can access this link up to the 11/05/2010 for travel on flights up to the 20/05/2010.  PLEASE NOTE: If your booking has a return flight included and you have already checked in for this flight you will NOT be able to transfer your flight to a different departure airport online.  If you wish to do this you will need to call our reservation centre on the following number. Alternatively, go to the airport ticket desk and they will transfer you onto an alternative flight.  We have instructed airports that passengers affected by these flight cancellations may not be able to check-in online and therefore airport staff will reissue boarding passes at the airport free of charge.  TO APPLY FOR A REFUND ONLINE:  Customers who are booked on any of the below flights, who wish to cancel and claim a full refund on the unused flight(s) can do so directly by clicking on the link below and entering the required details. Refunds will be processed in 30 working days back to the form of payment used to pay for the booking. 

Slightly bemused, I had my partner go around the corner to check (Gothenburg City airport isn't exactly Heathrow) where the lady on information said that it was "an IT mistake" on the part of Ryanair. The flight, she said, was definitely running - and on time at that.  

A pretty serious "IT mistake" it has to be said. If we had got the email before we left the hotel we would still be busily running around Gothenburg looking for accommodation and re-booking flights to Ireland.

Is the dreaded ash cloud not enough of a distraction for air travellers without Ryanair's IT system firing out cancellation notices willy-nilly?

I sent full details of my problems with the notification by email - but I wouldn't be holding my breath for a reply from Mick and Co. 

Ciaran Maguire Group Announces Granting of Planning Permission in Boa Vista

This communication was received earlier today from Ciaran Maguire (documents were attached and are available should anybody wish to see them - email info@OverseasCafe.com - the picture to the left is referred to in the text below):

"I have attached documentation for your perusal. I understand that you have a keen interest in Palm View Resort.

The documents attached outline that SDTIBM (Tourism Development Corporation of the island of Boa Vista and Maio) representing the Cape Verde Government, have signed a declaration forming a partnership between SDTIBM and Ciaran Maguire Group for the development of the tourist development project under the name Palm View Resort.

I can confirm that the tourist development project under the name Palm View Resort in Chaves North on a plot of 451,669m2 has detailed planning granted under the POT-Chaves regulations for a build environment of 51,5333,68 m2 with the Palm View Resort master plan being within the environmental build allowance. The agreement between SDTIBM and Ciaran Maguire Group under the POT-Chaves regulations authorizes Ciaran Maguire Group to carry out the construction of Palm View Resort.

I would also like to convey that the private purchase contract has been signed off by the two largest and most respected law firms in Cape Verde. The legal report shows that the Palm View Resort purchase contract duly fulfills with the Cape Verde legislation in force. The law firms have also confirmed that they deem there be no obstruction in signing the purchase contract having undertaken the due diligence.

I have also attached pictures of the machines now on site, I was supposed to be there for the PR event on the 19th of April when the machines arrived to Boa Vista however due to the disruption with the airlines I have had to postpone my trip until the 3rd of May, I can confirm however that machines have arrived and works have commenced on Palm View Resort despite the very clear and disruptive sabotage campaign against my Company. Under difficult circumstances I have delivered and most importantly protected my client’s investment.

I think it is very important to note that I have signed a contract with a new bond company Provident Capital Indemnity (PCI) to underwrite the Palm View Resort and I am very proud to say that the Palm View Resort is the ONLY development in the world to have the Guaranteed Rental fully bonded with the financial market place in London hailing the brokering of the deal as a “pioneering product that will change the overseas property market for good”. I understand that the previous bond company we entered into a contract with has now gone into administration that is why I personally outlayed in excess of €100,000 on carrying out a full financial report on PCI via Dun and Bradstreet, a market leader in carrying out financial reports on Finance and Insurance houses and the report shows that PCI have assets in excess 250,000,000 USD and deem to be very secure as an underwriter for Palm View Resort.

On a personal note I would like to say that on the back of works commencing on Palm View Resort, I will be creating 25 new positions based in Dublin within my Company and a further 15 positions in the first quarter of next year as well as 1300 positions for the construction of the resort. I believe that we need to back entrepreneurs and avoid putting obstacles in their paths as we are fundamental to getting Ireland back on its feet.

I anticipate your next question to be” what about the clients looking for refunds etc”, I would like to take this opportunity to outline the actual facts rather than uneducated guesses that appear on forums. As I mentioned the previous bond company we entered into a partnership with has now gone into administration and effectively taken nearly a million euro of clients premiums and it is these clients who are looking for refunds even though there money has gone to Exchange Bond and NOT my Company. I have given the clients an undertaking that I will personally repay their deposit even though Begbies Traynor (Administrators appointed for Exchange bond) have formally informed me via a written letter that I received a few days ago that I will not receive any compensation for the loss of nearly 1 million euro as the first people to get the assets of the company will be the banks (surprise,surprise). I made a commitment to these clients and I will refund all clients however this can be a 4or 5 month process as Ciaran Maguire Group’s credit line facility is structured to be tied into stages of construction.

I think it is worth pointing out and I hope you agree that with all the unethical codes of business our country is practicing between the banks, the Developers and the politicians that I am being extremely harshly judged. I set about building a stunning development in a stunning location and through very difficult times have achieved my objectives and formed strategic relationships with the Government of a country that I believe to be the European Caribbean and believe is destined to become the number one sun destination for Europeans over the next ten years, and since signing our partnership agreement, Ciaran Maguire Group will become the biggest developer in that region.

I understand that some clients have lost money through Exchange Bond but I personally have been left with bonds with a value of nearly 10 million euro that is now worthless to me. I will still undertake to refund every one of our clients as it is morally the right thing to do. The clients that have stayed with Palm View Resort have done so because they know me personally and knew despite the adversity I would deliver and subsequently since the commencement of construction and the introduction of the new bond company, there investment has now increased by approx 27%.

As a leading entrepreneur of this country who wants to create success and new opportunities as well as creating employment I would urge you to support Palm View Resort. I do understand that you have to ask certain questions and by all means ask any relevant questions, but myself and my personal associates do find some of the comments posted on the forums highly offensive as my only objective is to build Palm View Resort and I am now happy to say that despite the delays and frustrations the first 6 blocks, 28 villas and the Palm View hotel looks set for completion by the end of December 2011.

I would also like to say that as part of the partnership agreement I have with the SDTIBM, I will be constructing a new school for the island as well as hundreds of social homes. Ciaran Maguire Group looks forward to a very fruitful relationship with the Cape Verde Government as well as the people of Cape Verde. Our plans and partnership agreements means we will be developing in Cape Verde for the next 15 years.

On a final note I would like to comment on an issue that appeared in the national paper and indeed your forum in regards to an outstanding issue I have with a recruitment agency, without going into to much detail, the amount in question is very nominal but I refuse to pay something that is simply not justified and in this case the agency provided me with someone that was sacked after 16 business days for theft within the company. The agency still requested a full payment on their invoice which I contested, I offered a payment which I deemed to be fair however it was rejected and subsequently the matter went before a court and the courts agreed with my case and a settlement payment has been finalized. I think its worth pointing out that on the day this story appeared in the press and subsequently blasted all over the forums, I was actually signing contracts with the builders for the commencement of construction on Palm view, an agreement worth tens of millions and which as outlined above will create new opportunities and many new jobs as I will be implementing Irish project managers and engineers on the project. This deal was greeted with great joy and optimism in Cape Verde however there was “nothing” positive written or said back in Ireland and I believe that the constant negativity being displayed not just about my project but anybody who dares to be successful in these current times will have a major impact on this countries entrepreneurs. I was invited to the entrepreneur expo in the RDS on Friday last were I met with Gavin Duffy who has extensive experience working within the press and as a key note speaker, he emphasized the damage the negative press was having on our country and actually urged entrepreneurs to remain focused and avoid reading the constant negative press.

I do recognize that some mistakes have been made on Palm View however this was due to my Company receiving assurances that final planning would be granted within 3 months of commercializing Palm View and it has subsequently taken 22 months which is frustrating for everyone and then the moving of the location which was done for no other reason than we were informed that if we moved to the south of the island there was less red tape and planning would be finalizes sooner than on the plot on Chaves, this turned out not to be the case but we were informed of this directly from the head of State Patrimony in Cape Verde, again I have to stress that our objective was to commence works on Palm View and to develop a Resort in what I believe to be a stunning location and to create success for our investors and for my Company which we have now managed to do.

I welcome any more relevant questions and hope that the outlined good news story reaches your audience. God only knows this good news is long over due.

Kind Regards

Ciarán Maguire

Chairman & President

CastleBaggot House,
Baldonnell,
Dublin 22.

Ph: +353 1 6251542

Ph: +353 1 6251544

web: http://www.ciaranmaguiregroup.com

http://www.palmview.ie"

Anthony Joyce to Seek Client Refunds from Flash Developments

Anthony Joyce is on the case of another high profile overseas property development, namely the Palm View Resort in Cape Verde, sold by Flash Developments and run by Ciaran Maguire. You'll see previous posts about Mr. Maguire and his 'Palm View Resort' development here.

Joyce, who has made somewhat of a name for himself in this niche industry - having taken on such high profile overseas property cases as Kuvera, Larionovo and Simple Overseas Properties - has been appointed by a group of Irish and British investors to recover their funds from Flash Developments and its owner, Ciarán Maguire. Joyce is looking for investors to come on board so that the cost of any action can be spread out among as many affected investors as possible.

Joyce's contact number is 00353 (0)1 4545 000 and the website is www.anthonyjoyce.ie.

Polaris World in Talks with its Creditors

It would have been nice to have a 'feelgood' story for the beginning of 2010, but I'm afraid it's not to be. The big news in the overseas property world over the Christmas period has not been rocketing sales, instead it has been the revelation that Spanish developer, Polaris World, is in talks with its creditors to avoid administration proceedings.

The developer is most famous for its connection to 18-time golf Major winner, Jack Nicklaus, with its courses referred to as the “Nicklaus Golf Trail”. The site claims: "Polaris World presents the Nicklaus Golf Trail, a circuit which will boast 8 courses within a radius of 25 km and the best golf experience in Europe. With 4 courses already up and running, 2 with work in progress and 2 in the planning stages, unique in the world and exclusive to Polaris World."

A number of newspapers, websites and blogs have carried the story that the company has asked the court that several of its companies be allowed to access the three months given in the Spanish Insolvency Act in order to allow it to renegotiate its debts. The company sought this protection in Murcia on December 22nd 2009.

If you've currently got a deposit on a property in Polaris World now might be a good time to check with your solicitor what your options are depending on the outcome of this situation.

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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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Larionovo & Profile Clients Fear Money is Gone

A report in today's Irish Independent claims that investors in Ennis based Larionovo - which shut down a year ago - and its sister company in Dubai, Profile Properties LLC, fear that their investments are now gone forever.

From the piece:

"A group of small Irish investors who bought into a dream property scheme in Dubai now fear that as much as €20m of their money could be lost.

The Concerned Dubai Sports City Investors Group, which hopes to recruit hundreds of members, bought off-plan apartments through the now defunct Larionovo property agents. They are worried that as much as €20m - cash many hoped would fund their retirements - is caught up in Dubai.

The group is building up a war chest to help fund a campaign to retrieve their deposits.

...

A meeting of the group last week in the Citywest Hotel in Dublin heard that they have no idea if building work has even started on some apartments, such is the difficulty in getting information from developers. Some recently received letters telling them the project had been put 'on hold'."

The CEO of Dubai Sports City complex is U. Balasubramaniam (often referred to as Bala Subramanian or simply Bala), who can be heard here describing the progress of the project up to April 25th, 2007, at which stage he was quite bullish about the prospects of everything finishing on time.

According to the report above, however, the wheels would appear to have come off the wagon since that time as the credit crunch eventually hit Dubai with its full force. If you are to visit the Dubai Sports City website, however, you'd be hard pressed to tell that things were not as they should be.

The full article from the Irish Independent can be read here.