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.
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