Tuesday 18 May 2010

Answers to Queries put to Ciaran Maguire

Queries for Ciaran Maguire sent last week and replies (printed as received):

Query: Having posted your press release on our blog a number of inconsistencies have been pointed out to us. Firstly, the pictures provided with the press release were not even taken in Cape Verde, they were in fact taken in Brazil in 2008 and, most likely, lifted from the following website - http://picasaweb.google.com/lh/photo/JJeYtJdf6yzE49AraKSStg.

Answer: Firstly I am glad we are able to communicate about these issues. To answer your questions, in relation to the pictures of the machines you mentioned I requested pictures from the contractors of the machines that had arrived to Boa Vista from Santiago and they send me the pictures I forwarded to you and said these were the machines being used, however I am attaching pictures of works commencing when I was on site last week (one is attached to the blog post) which should clear up any miss understanding.

Query: It has also been pointed out that the new bonding company is the subject of some legal queries in the US, a Dunn and Bradstreet report apparently costs no more than £250 so you've been advised to look for a refund, particularly seeing as they appear to have missed the above.

Answer: In relation to the Dun and Bradstreet report costing £250, is that a joke, you come across as very smart so surely you can see that some one out there is on a sabotage mission. The report is a 50 page dossier on the company incorporating all the companies previous audits and existing assets which equate to 250,000,000 USD, can you honestly tell me that a company who needs to clarify every asset and put their name to a certified rating does this for £250, I am actually embarrassed for the uneducated person who suggested that.

Query: We've had a number of emails stating that there has been absolutely no work of any description carried out on the site on which you purport to be building the development - which is very disconcerting considering all that has gone before.

Answer: In relation to the works that are claimed have not been carried out, firstly you can see the pictures for yourself secondly the plot goes back 1 kilometer from the beach and obviously provisional works will always start from the site access road so if some one is walking past the from the beach it is possible the person will not see anything but he only has to walk up to the site and its there for all to see.

I hope you can understand my frustrations with a hand full of people who no matter what happens they will always have a negative opinion on Palm View, First they said we would never get the land which we have now done then they said we would never get the planning which we have now done and now they are saying that we will never start the project which we have now done. The latest thing they are saying is something about the credibility of our underwriters PCI in which they were given a credit rating of A which is currently a better credit rating than Ireland.

Query: We've also had a lot of queries about the Jacuma Beach Resort and the fact that the company from which you were to buy it, Paraisos do Brazil, claims you never came up with any money to pay for it and is now taking legal action against you.

Answer: In relation to Jacuma, we had signed a protocol of intentions to acquire Paraisos do Brasil and had the bond and credit ready to be get everything rolled out and get things started however it came up in our due diligence that condominiums 4 and 5 did NOT have full planning and having suffered the delays on Palm View I was not willing to go through that entire process again. You can verify this with IDEMA the planning authorities in Brazil and there is NO legal action taken against me as there are NO legal grounds.

I understand that there is a lot of frustrations in the current market place and a lot of investors have lost money in investing in the over seas property but I have done everything to protect my clients and investors and will continue to do so, if them hand full of un educated people who continue to try tarnish my name and Palm View actually done some proper due diligence and spoke to Cape Verde government officials, respected lawyers, UK brokers and finance houses and underwriters they will actually find that Palm View is one of the safest investments around at present.

Again I appreciate you coming directly to me with these questions.

CiarĂ¡n Maguire

Chairman & President

CastleBaggot House,
Dublin 22.

Ph: +353 1 6251542

Ph: +353 1 6251544

web: www.ciaranmaguiregroup.com


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