Lynn Interviewed by Mail and Played on RTE

Ireland's most famous rogue solicitor, Michael Lynn was interviewed in last week's Mail on Sunday by Michael O'Farrell. Some of this interview was also played on Marian Finnucane's show on RTE at the weekend. 

The mail doesn't have it's Irish edition online but you'll find a scanned copy of the entire interview here. Page 1, Page 2, Page 3, Page 4 - click on the images to enlarge. You'll find a link to the interview on Marian Finnucane (presented by Rachel English) here (you'll need Real Player to play it). The Lynn interview kicks in at 0:34:18. Thanks to the guys at The Property Pin for both links.

Some excerpts from the interview include:

“If you wanted to get to the key question, did I act fraudulently in terms of, and had I two mortgages, three mortgages against the same property, ah, it's true I had extensive borrowings." Michael O'Farrell asks him, "But was it fraudulent?" To which Lynn replies: "Absolutely not, we were all, including myself, we were all following the ... I was the Celtic Cub, ah, who was out of control, honestly, in hindsight, I was greedy, ah, and over-ambitious, but yes there were other parties. I ... I'm sorry for what happened to them and I believe that right now the key question for me is that if I'm sorry I have to show it by actions as opposed to just words."

Lynn continues: "The truth is I want to go back, the life that I'm leading and the pressure ... I've a wonderful wife and she's been extremely loyal to me and loyal to us as a couple. I... I'm extremely lucky. I wouldn't see any reason why I would have to go to prison and the one thing I want to make clear is I'm not going to be a scapegoat for others, absolutely not, and I'm not going to be used as an example for what was recognised as an accepted form and practice of business by bankers, lawyers, accountants and auctioneers and I'm not going to be the poster boy who ends up in prison, to my cost. 

The Law Society responded in yesterday's Irish Times saying:

"The behaviour of Mr Lynn was shameful and disgraceful." Ken Murphy said that the society was still paying compensation from its fund to clients who had lost money because of his activities.

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Haydon Investments Clients take Legal Action

Vivion Kilfeather in the Irish Examiner reports that more than 50 investors are seeking the return of €8 million allegedly paid to two businessmen and an investment firm to fund a property scheme in the Ukraine since found to have defective legal title.

One investor said he had learned from documents he was "continually lied to about the whole investment project" and he also alleged the defendants treated the investors’ monies as their own personal monies.

Thomas Meyler said he believed the original €9.7m fund has reduced to €3.4m without any assets being acquired as the property was bought with a title since declared flawed.

The actions are being taken against Haydon (Private Clients) Ltd, trading as Haydon Investments Company (HIC), and Peter Haydon, with addresses at The Mall, Beacon Court, Sandyford, Dublin. Aidan Corless, of Kinvara, Westminster Road, Foxrock, Dublin, was also joined yesterday as a defendant.

It is claimed the defendants misused more than €5.2m of investors’ money to acquire a property at Kiev, Ukraine, in a manner intended to give the defendants additional profits unknown to the investors but the defendants ultimately acquired only defective title to the property.

It is alleged the defendants have continued to "waste" further monies over the past 18 months on legal fees and payments to themselves arising out of the defective title.

Mr Justice Peter Kelly was told yesterday it is being alleged investors transferred €8m to HIC under a scheme whereby it, using a Cypriot-based holding company Lemuranco Holdings Public Ltd and its Ukrainian-based subsidiary Lemuranco JSC Ukraine, would acquire a commercial property in Kiev.

Jarlath Ryan, who represents 46 investors and expects another nine to join the litigation, said no such interest was ever acquired. He said the investors had between them paid over sums of €7-8m.

He secured leave from the judge to serve short notice on the defendants of proceedings aimed at securing return of the monies and to prevent them reducing or dissipating assets.

In related earlier proceedings transferred to the Commercial Court yesterday, Quotumas Investments Ltd claims the Haydon defendants advertised in the Sunday Business Post in early March 2007 seeking investors for the Kiev project. Quotumas claims it invested €1m.

The firm claims the Kiev property was never purchased in the manner represented by the defendants to them and the Haydon defendants instead provided investment funds to Mr Corless to purchase the property in his own name. The defendants, it is alleged, were intent on creating an additional conveyancing layer so as to allow them sell on the Kiev property to the Cypriot company at a higher price, resulting in personal profit and gain to the defendants.

However, having purchased the property, it is claimed the defendants discovered their title in the property’s holding company, Allonge, was legally defective and Allonge’s ownership in the property was seriously flawed. Legal proceedings in Kiev ruled that the agreement by Allonge for the acquisition of the property was unlawful and void.

Counsel for Quotumas said it was endeavouring to establish the financial position of the Haydon defendants but documents discovered to date were unsatisfactory and tended to show the defendant company was insolvent. Counsel for Haydon said the documents had been given to Quotumas eight weeks ago and no complaint was received until now.

The judge said it would be a matter of concern for a company to continue to trade in a deficit situation. In an affidavit, Mr Meyler, a director of Quotumas, said Peter Haydon had represented himself as an investment and property expert with well-established relationships in the Ukraine with taxation, management, development and legal firms.

Mr Meyler said he agreed an oral contract to invest €1m by Quotumas on conditions including all investment monies would be held by the Cypriot firm that would purchase the Kiev property in its name and that Haydon had already invested US$2.25m (€1.7m) in the project.

He said Haydon did not make that investment but misrepresented they had and Quotumas later learned the Kiev property was not sold in the manner intended.

This story is from the Irish Examiner.

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Lynn Insurance Claims may not be Honoured

A report on the RTE website has claimed that insurance companies are moving to protect themselves against claims from those defrauded by Michael Lynn and his companies. The full report is below.

"Two insurance companies have secured court orders that effectively mean they will not have to pay out multi-million euro claims on many insurance policies taken out by missing solicitor Michael Lynn and his property company.

The order was granted because of alleged fraudulent misrepresentation and non-disclosure of material facts.

More than 250 claims against the policies have been made to date by banks and others. All are owed vast sums by Mr Lynn, who has estimated liabilities of some €80m.

In making the orders against Mr Lynn and his company, Mr Justice Peter Kelly noted the court has yet to determine whether Fiona McAleenan, a solicitor in Mr Lynn's firm, is entitled to insurance cover relating to any undertakings she signed while working in the practice.

In claiming they were entitled to refuse to pay out on foot of the policies, both companies argued the vast majority of claims related to alleged breach of residential mortgage solicitors' undertakings.

They claimed their investigations suggested a practice in Mr Lynn's firm, from at least 2003, of providing multiple undertakings relating to the same property but this practice was not disclosed to them.

The companies also claimed the defendants must have been aware they would not be able to comply with undertakings given on foot of the policies.

They alleged they were entitled to have declared void two particular policies taken out with them for alleged non-disclosure of material fact by the defendants and also said the policies should be declared void for fraudulent misrepresentation on the proposal form.

Chubb Insurance Company of Europ SA and WR Berkley Insurance Europe Ltd had taken the Commercial Court proceedings against Michael Lynn and Fiona McAleenan.

The insurance companies say the practised as Michael Lynn & Company, and Overseas Legal and Tax Services Ltd trading as Overseas Property Law.

Paul Sreenan SC applied for orders against Mr Lynn and Overseas, declaring the policies void on grounds of failure by Mr Lynn and Overseas to enter any defence in the case.

The proceedings against Ms McAleenan, of Betaghstown, Co Meath, will be heard at a later stage.

Mr Sreenan stressed his application was without prejudice to the claims made by Ms McAleenan. He said Ms McAleenan was defending the case on the basis she was not a partner in the firm and the insurance policy was a composite policy, not a joint policy.

In making the orders against Mr Lynn and Overseas, Mr Justice Kelly said the companies were entitled to have the policies declared void ab initio (from the beginning) because of non-disclosure of material facts and fraudulent misrepresentation on the part of Mr Lynn and Overseas.

The proceedings arose after the two companies agreed to provide cover for Michael Lynn & Company, the practice set up by Mr Lynn, and Overseas Property Law, which provided legal services for persons investing in overseas property.

The cover sought was professional indemnity cover in excess of the €2.5m primary cover to be provcided by AIG Insurance Company Ltd.

Chubb claimed, relying on representations of the defendants, it agreed to provide €4.5m cover for each claim in excess of €2.5m for the period from 1 January 2007 to 1 January 2008.

WR Berkley claimed it agreed, also in reliance on representations of the defendants, to provide (over the period 18 May 2007 to 31 December 2007) €4m cover for claims in excess of a €7m cover already in place.

Article from RTE.

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Bulgarian Dreams features on BBC Watchdog Programme

Bulgarian property agent & developer, Bulgarian Dreams, featured on a BBC Watchdog programme this evening. The programme followed the attempts of a Bulgarian Dreams client to contact the company. He visited Bulgaria only to be told by BD's office that they didn't have a phone number for Robert Jenkin, the company's owner. The client then went to speak with his solicitor who claimed he did not know what was wrong but everything was a "complete mess".

We have featured Bulgarian Dreams on the Blog on a number of occassions (and been legally threatened by their legal representatives, DLA Piper, to boot). If you wish to view previous postings to get an idea of what has been in train you'll find all postings mentioning the company here. There is also an article featuring a number of unhappy Bulgarian Dreams clients here and the Irish Times featured a piece on Bulgarian Dreams and its clients which can be found here.

The picture above, featuring Jenkin and his Bulgarian wife Maria Georgieva, featured heavily in the documentary as the Watchdog team failed to track Jenkin down to speak with him.

The programme concluded with the statement that Bulgarian Dreams (which is a trading name for Berkeley Square Trading Ltd.) had ceased trading due to the "extraordinarily difficult economic conditions" and that it wished its understanding customers "all the best for the future."

Nice one.

The Bulgarian Dreams website now features just the following message:

Dear all,

We regret to inform our customers that following the extraordinarily difficult economic conditions we have had to cease trading.

All existing customers who have previously purchased property should refer directly to the development companies in Bulgaria, none of which are directly affected by our closure. A list of contact details is included below:

Interlink BG Limited: interlinkbg@abv.bg

Smart Partners BG: smartpartners.bg@gmail.com

Interart Group: interart.group@hotmail.com

We would like to wish all our customers all the best for the future and thank them for their understanding at this difficult time.

Bulgarian Dreams

Here is the link to the BBC Watchdog programme for those affected by this issue. Unfortunately, depending on where you are accessing the content you may not be able to see the video. If it appears on You Tube we'll link to it here. In the meantime the transcript of the piece (which is also on the BBC Watchdog site, is below).

Buying property in England is difficult enough, but buying abroad can be a real nightmare as dozens of Watchdog viewers have found out. They've contacted us because they've all been taken in by the same company.

Bulgarian Dreams is a property business that promises new homes, in a country where the market has been booming. Each of the people we've spoken to has handed over tens of thousands of pounds and now they're worried they've lost it all.

Bulgarian Dreams has won awards, has glossy brochures and a snazzy website. It also offers the reassurance of a head office in London. Chris Dale was really excited about buying a piece of paradise and he thought he'd found an estate agent he could trust. In June 2006, Chris paid Bulgarian Dreams a £500 deposit for an apartment on a luxury development called Windows to Paradise.

Far from completed
Bulgarian Dreams put together a DVD which showed all the apartments it had on offer. It made it quite clear it'd do all the legwork and all Chris would have to do was move in. However Chris's Bulgarian Dream soon went flat. He paid a total of £56,000 for his apartment including solicitor's and management fees. Now, more than a year after the company wrote to him to tell him the development was completed it's far from it. Chris's apartment has no electricity or water. There are power cables on the ground that could potentially be live and rubbish everywhere.

Bizarrely, Bulgarian Dreams told Chris none of the problems with the apartments were anything to do with them. It was full of promises before the sale, but once it'd been paid it washed its hands of the whole thing and then stopped returning his calls. Bulgarian Dreams had said that Chris's contract was with the developers, a company called Interlink BG. He was told to contact the developer direct about any problems, but they haven't returned his calls or email either.

Same story
So far, more than 80 Bulgarian Dreams customers have contacted us with almost exactly the same story. In December, Bulgarian Dreams suddenly closed its London Office without telling its customers. But the company does have another office in the Bulgarian capital, Sofia. Chris Dale and Watchdog's Paul Heiney travelled out there in search of answers from Bulgarian Dreams and the couple who run it, Robert Jenkin and his Bulgarian wife Mariya Georgieva.

At Bulgarian Dreams' office Chris was told that it no longer had his money; that it had been paid to Interlink BG, the developer. So Chris and Paul crossed the city to Interlinks BG's registered office address but no one was there either. Unfortunately for Chris, Bulgarian Dreams has lied to him. It may claim it has nothing to do with the developers, but that simply isn't true. Records show boss Robert Jenkin is a former owner and director of Interlink BG. And his wife Mariya is still named as a company manager. In fact, after more digging, we've discovered one or both of them might have been acting not just as the estate agent and developer, but also the property management company, the supposedly independent solicitors, and even the furniture supplier.

Only last week, the company took down its website and announced it had ceased trading due to the "extraordinarily difficult economic conditions". It wished it's understanding customers "all the best for the future."

Bad man?
There's an old saying in Bulgaria - bad weather gets better, but a bad man never does. Is Robert Jenkin a bad man? We don't know. But certainly he persuaded a lot of people to part with a lot of money, for something they've never had. We've tried to contact Bulgarian Dreams but it's failed to respond and seems to have disappeared.

The Association of International Property Professionals advices anyone who's encountered difficulty with the purchase of their apartment through Bulgarian Dreams to contact a lawyer. Even if it does not end up going down the legal route, anyone in difficulty will need someone who knows where they stand legally. The AIPP can help people affected to find a lawyer and have suggested a lawyer representing a group would reduce costs. The AIPP are happy to meet concerned parties as a first point of reference before they start paying for a lawyer, and say this service would be free of charge.

If you've had problems with Bulgarian Dreams or require more information about buying property abroad contact the AIPP on +44 (0)20 7409 7061.

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Top Five Properties on OverseasCafe.com

With the proven love of 'Top Lists' in our past blogs we've decided to return to the format, outlining the five most popular properties on the website over the past month.

1. The top most accessed property on the site over the past month isn't in fact a property at all, it's a Swedish syndicate. It is telling in these difficult times that people are looking for very stable areas suffering as little as possible from the current economic downturn. Sweden checks all the boxes at the moment. You'll find this property listing here.

2. Second up is also a Swedish listing, except this one is a monster 6 bed timber house for the princely sum of just €54k. You can see the attraction really. You can find the details here.

3. For number 3 we're moving off to Spain's Costa Blanca. Casa Maribel is a three bed property between Javea and Denia for €330k. You'll find further info on it here.

4. In fourth place you'll find our first privately owned property which featured in the January newsletter. Located in the Apollonia Beach complex in Sozopol, Bulgaria, this two bed apartment will set you back €107k. If you're interested there is more information here.

5. Last, but not least, at number five we find a fine holiday villa in Davenport, Florida. The price for this three bed, two bath property has been dropped considerably to €160k. You'll find full details on the property here.

It is interesting to note that all of the most popular properties have featured either on our homepage (as Premium Properties) or on our monthly newsletter. If you would like your property to feature so it is exposed to more traffic then give Tara a call, you'll find her contact details over there on the right hand side of the page.

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UK Bargains in Sunday Business Post

It was good to see the OverseasCafe get a meritorious mention in Sunday's Business Post. Group MD, Eilis FitzGerald, was quoted on the virtual explosion in queries to the site for repossessed or 'value for money' properties in the UK since the start of the year. Extraordinary when you consider the financial environment in which we currently find ourselves.

Here's the text:

'According to Eilis FitzGerald, of Irish property portal OverseasCafe.com, the site was receiving considerable traffic from people looking for information on the British market. She said there had been more than 50 solid enquiries for information on repossessed British property listings since the beginning of January.

‘‘Investors are looking hard for deals, with most people only considering property that is being sold for at least 40 to 60 per cent be low peak market values,” she said. ‘‘Those investors remaining in the market are seasoned campaigners who avidly hunt bargains and haggle mercilessly, so this environment suits them perfectly.”'

If you are interested in current bargains to be found in the UK property market you'll find an article on it here and you can apply for further information on listings here.

You'll find the full Sunday Business Post article, "Bargains Emerging in Britian", here.

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Airline Food

Things are a bit (nay extremely) depressed on this fair isle of ours these days. For this reason we feel it is our duty to bring a little cheer to these damp, dark and depressing January days.

If you are an avid overseas property enthusiast then you will have had your share of flights abroad and will have been subjected to that which passes for sustenance on many an airline.

We came across this recently, it is a complaint from a Virgin Atlantic customer about the quality of the food received on a flight. We're not even going to paraphrase it here as we simply wouldn't do it justice and it needs to be seen with the photographs to get the full extent of the humour contained therein.

You'll find the piece here, enjoy.

Keep on smiling.

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Dubai Property Buyback

This might all seem a little familiar, if so it is because this isn't the first offering, you may well have seen this before. Malahide based Deluxe Properties has announced that it is, once again, on the hunt for property in Dubai and the neighbouring Emirate of Ras Al Khaimah (RAK).

A new ‘Buy Back’ scheme aimed at Irish investors seeking to sell on their investment properties in Dubai has been launched by Irish based Middle East property investment company, Deluxe Properties who are located in Malahide, Co Dublin.

The company says it has raised €25m from its investors who are actively seeking properties from Irish investors who, for whatever reason, cannot complete on purchase.

It is looking for a mixture near construction and already constructed units in the Emirate. Be wary though, if you're expecting to make a killing. The company states; “we buy and sell property in the Middle East and we buy not just from developers but we buy back properties from distressed buyers seeking a quick exit strategy." 'Distressed sellers do not make money out of property but if you're stuck with a property in Dubai and need to get out it might be an option, even if it is not necessarily a very lucrative one.

The areas and developments in question are Dubai Marina, Jumeirah Lake Towers, Jumeriah Beach Residence, Palm Jumeirah, Palm Jebel Ali, Jumeirah Islands, Victory Heights and Business bay. The company is also interested in developments in the smaller Emirate of Ras Al Khamiah (RAK).

You'll find the full story here.

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OverseasCafe.com on Last Word

The OverseasCafe.com featured on The Last Word with Matt Cooper on Today FM on Tuesday January 27th. Sorry we don't have a link to it here yet, we have a recording of it but blogger doesn't allow you to upload MP3's so we're examining other ways to get it up there.

Director of OverseasCafe.com, Diarmaid Condon, was interviewed in conjunction with Ann Collins of PropertyAuction.ie. Ms. Collins is launching a new property auction service in the City West hotel on Thursday next, January 29th. Mr. Condon was brought on to the programme as an independent overseas property expert and asked some general questions on the overseas property market in Ireland.

The idea of the property auction is obviously a good one, the site experienced a huge surge in traffic directly after the programme. The actual auction wasn't a huge success, with just one property purchased, but, as this was the first one, perhaps a lot of people were looking and, with any luck, the next one may be better.

Alternatively, and probably more likely, perhaps it tells the story of where we currently lie in the whole property investment cycle in Ireland at the minute. Lots of people with property to sell but not very many wanting to (or indeed capable of) buying any of it - at any price. 

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Fortuna Estates Update

You'll find an update on the Fortuna Estates story on the website here. As well as an outline of the case to date, there is some interesting insight from Jerome Andree, founder of Fortuna Estates, which those with an interest in this case might like to read. The questions put to Andree, and his responses, are printed below this piece.

If you follow this link it will lead you to regular updates from a firm of Marbella lawyers who are involved with the case and are representing some Irish investors in the case against the owners of Fortuna/Oanna.

Here are the answers to queries put to Jerome Andree by OverseasCafe.com. These opinions are not those of the website or this blog, they are exactly as received from Mr. Andree. Please be aware that Mr. Sathasivam was given an opportunity to give his side of the story, but he refused.

Were you the founding director of Fortuna Land (also known variously as Fortuna Estates, Fortuna Properties, Euroland and Oanna Group)?

( I WAS INVOLVED WITH THE FORMATION OF FORTUNA ESTATES WHICH LATER BECAME FORTUNA LAND TO BETTER REFLECT THE CORE BUSINESS. ALL OTHER COMPANIES WERE THE MANIFESTATIONS OF JAMES SATHASIVAM AND WERE INITIATED AFTER I WAS REMOVED.

A lot of Irish investors are very displeased that their 'investments' in your projects have now, apparently, disappeared. How would you respond to their fears that their money has simply been squandered and will never be seen by them again?

UNDER MY WATCH ALL THE LAND WAS BOUGHT AND PAID FOR IN FULL. THIS WAS GOOD LAND AND THE CLIENTS WERE CORRECTLY GIVEN THEIR TITLE DEEDS. WITHIN THE CONTEXT OF THE WORLD RECESSION. THEY SHAREHOLDERS OWN THE LAND. CLIENTS WERE ENCOURAGED TO DO THEIR DUE DILLIGENCE-WHICH MOST OF THEM DID BEFORE THEY PARTICAPATED- OR THIS WAS THE POSITION UNTIL MY REMOVAL. AFTER MY REMOVAL I HAVE NO IDEA ON HOW THE CLIENTS INTERESTS AND INVESTMENTS WERE MANAGED AND MANIPULATED BY JAMES AND HIS COHORTS.

I rang James Sathasivam, who many clients seem to blame for the losses in the company. He denies this fervently, claiming that all the losses in the company were perpetrated before he was brought in to 'save' it. He alleges that he was brought in merely as a smokescreen to cover for the profligacy in the company during your tenure and that he has been as badly treated as clients that have lost money. In fact he claims to be owed quite a lot of money himself.

UNDER ADVICE, MR. SATHASIVAM WAS EMPLOYED WITH MR ATUL SHARMA OF THE ZENITH GROUP IN LONDON BECAUSE OF HIS SO CALLED EXPERTISE TO FLOAT FORTUNA ON THE AIM MARKET WHICH I WAS ASSURED WOULD BE OF ULTIMATE BENEFIT TO OUR CLIENT BASE. HE WAS PAID AT LEAST 250.000 EUROS TO FACLITATE THIS.)

The judge involved in this case in Fuengirola alleges that €65m has been taken through Fortuna's various guises and siphoned to bank accounts in Cyprus and Delaware, among others. Do you know where he got this figure and is it, in your estimation, correct?

FORTUNA ESTATES AND FORTUNA LAND, THE TWO ENTITIES I WAS INVOLVED WITH BROUGHT IN CONSIDERABLY LESS THAN THAT FIGURE.

Are significant monies from Fortuna now resting in foreign bank accounts as has been suggested?

I HAVE NO IDEA, i SUGGEST YOU ASK JAMES SATHASIVAM OR DANIELLE EMBOULAS.

Do you feel that the property owned by the company/ies in Spain is actually worthless as is suspected by many of the clients.

IT IS WELL KNOWN THAT PROPERTY VALUES HAVE BEEN HARD HIT IN SPAIN, THAT ALONG WITH THE HUGE OVERSUPPLY OF INVENTORY AND NEW RIGID PLANNING REQUIREMENTS HAVE EFFECTED ALL INVESTORS IN SPAIN AND INDEED WORLDWIDE. HOWEVER I BELIVE THAT IN THE LONG RUN LAND WILL ALWAYS APPRECIATE IN VALUE: IT IS THE ONLY COMMODITY ON EARTH THAT THERE IS NO MORE OFF.

Was Fortuna (Estates, Land, Properties) essentially set up as a cover for an elabourate boiler room scam as is being alleged on a variety of web forums?

WHILE I WAS INVOLVED FORTUNA LAND WAS OPERATED LOUD AND PROUD WITH CLIENTS ENCOURAGED TO VISIT, MEET THE PRINCIPALS AND STAFF FACE TO FACE.

I WOULD SAY THAT 30-35% OF OUR CLIENTS DID VISIT US IN SPAIN AND WE TRAVELED TO THE UK AND IRELAND UP TO EIGHT TIME A YEAR TO ALLOW CLIENTS THROUGH

TRADE SHOW OR SEMINARS TO MEET US.

Have you, as has been alleged, previously been involved with other boiler room scam operations such as the promotion of shares in Spantel by Goodman Hart?

YOU HAVE YOUR MIND MADE UP WE WERE A BOILER, AS I INDICATED IN THE PREVIOUS QUESTION WE OPERATED IN A FULLY TRANSPARENT ACCESIBLE ATMOSHERE

WHILE I WAS INVOLVED.

Was there ever any intention of building anything on the land acquired by Fortuna? Many clients allege that there was not.

UNDER MY WATCH WE SPENT HUNDREDS OF THOUSANDS ON ARCHITECTS, CONSULTANTS, VALUATIONS AND LEGAL FEES TO OBTAIN APPROVALS.

THIS IS ALL WELL DOCUMENTED.

If it was not set up to con people out of money, why did the company operate under so many different names? PLEASE ASK JAMES SATHASIVAM AND DANIEL EMBOULIS. I WAS ONLY INVOLVED WITH FORTUNA ESTATES WHICH CHANGED TO FORTUNA LAND TO AS I SAID BETTER REFLECT OUR CORE BUSINESS. WHAT DECEPTION CAN BE PERCEIVED THERE WITH THAT NAME CHANGE.

If the company was not set up as a scam can you explain why the Spanish authorities seem so adamant that investors in the company have been defrauded?

THE COMPANY WAS SET UP IN A BOUYANT SPANISH MARKET TO ACHIEVE BENEFICIAL RETURNS FOR INVESTORS AND INDEED WE WERE THERE TO MAKE MONEY AS WELL.

What steps would you suggest that clients take to recover funds transferred to Fortuna?

AS SAID ABOVE I THINK ALL INVESTORS PRIOR TO MAY 2007 SHOULD HANG ON TO THE LAND THEY OWN. I DO NOT KNOW WHAT THE DIRECTORS HAVE DONE WITH THE FUNDS AND HOW THEY HAVE RESTRUCTURE AND MANIPULATED THE ORIGINAL COMPANY.

I REALLY CAN NOT COMMENT

Why were you removed as a director of Fortuna?

MY COMMONLAW PARTNER DANIEL EMBOULIS, WHO CONTROLLED FORTUNA, IN COSORT WITH HER LOVER JAMES SATHASIVAM HAD ME REMOVED WHILE I WAS VISITING SRI LANKA. THEY ALSO MOVED IN TOGETHER INTO THE HOUSE THAT DANIELLE AND MYSELF SHARED FOR A NUMBER OF YEARS. GREAT SOAP OPERA MATERIAL.

What is your relationship with Daniele Emboulas and what was her position in Fortuna/Oanna when it was shut down.

SEE PREVIOUS QUESTION. I PRESUME SHE WAS STILL DIRECTOR OF FORTUNA, I DONT KNOW THE MAKE UP OF OANNA AND THE OTHER COMPANIES THEY STARTED.

Have you, as is suggested on a number of forums, fled to Sri Lanka? If not, where are you now resident?

I HAVE BEEN COMING TO SRI LANKA EVERY YEAR FOR UP TO THREE MONTHS WHERE MY FAMILY ROOTS ARE. I WAS BORN IN SRI LANKA AND MY FATHER IS BURIED HERE. I WAS HERE TWO MONTHS BEFORE THE OTHER TWO SHUT THE COMPANY/COMPANIES AND RUN.

It is alleged that all PC's in the offices of Fortuna/Oanna were wiped of their information the evening before the police raided the offices. Do you know if this is true?

HOW COULD I. I HAVE NOT HAD ANY INVOLVEMENT AS I SAID SINCE MAY 2007.

If it is true do you know who may have taken this action and why?

AGAIN, ASK JAMES AND DANIELLE. IM SURE THEY HAVE THE ANSWER.

How much money did you make from Fortuna before you were removed from the company?

I MADE A GOOD LIVING. I WORKED FOR A PRIVATE COMPANY NOT A PUBLICALLY TRADED ONE,

If there is any further information you can offer that you feel may shed light on this very delicate subject I would be very grateful for it.

I THINK TWO SHORT POINTS, DURING MY PERIOD THERE WERE NEARLY 50 HAPPY STAFF. HAPPY NOT BECAUSE THEY WERE WELL PAID, BUT BECAUSE THE JOB WAS CLIENT ORIENTATED, AND THEY WERE HAPPY TO MEET AND WORK FOR OUR CLIENTS: YOU CAN ASK ANYBODY WHO HAS VISITED THE COMPANY WHAT THEY FOUND: THAT YOU CANNOT MANUFACTURE. THE VERY OPPOSITE OF A BOILER ROOM.

THE VERY FACT THAT I WAS "REMOVED" IN MAY 2007. CLEARLY INDICATES THAT I DID NOT HAVE THE ULTIMATE POWER IN THE COMPANY. THINK ABOUT IT …

Mr. Andree refused to answer questions on allegations that he had been imprisoned previously for fraud. He has made similar allegations against Mr. Sathasivam, who has also refused to answer the allegations.

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For a selection of property from around the world click here.

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For a list of upcoming overseas property exhibitions around the country click here.

Selling Your Overseas Property at Auction

Always the ones wanting to bring you good news where possible (well reasonably good in any case), we're happy to announce the first overseas property auction by PropertyAuction.ie.

We announced both here and on the website, quite some time ago that this auction was imminent, but we didn't have any specific dates at the time. Now we do.

The first Overseas Property Auction from Co. Meath estate agent, Ann Collins, is to take place in the Citywest Hotel in Dublin on Thursday 29th January 2009 from 6.00pm until 9.00pm.

If you're looking to sell your property, or are in the market for a bargain, then it might be no harm to drop in and take a look at what is going on. Just be aware, there is a charge for putting your property up for auction and, if you want to make a killing on your overseas investment, this may not be the best route to take.

If, however, you just want to get shot of something that is causing you financial and psychological stress, then this may be just the thing to lift the burden and start things afresh.

You'll find full details on the auction here.

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For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

New US Travel Authorisation Requirements

The Irish Travel Agents Association (ITAA) has reminded travellers intending to enter the USA, that a new requirement for advance travel authorisation came into effect from January 12^th, 2009.

Applying for the new advance travel authorisation is reasonably straightforward (by US standards) involving answering some questions online. From early in the New Year, US authorities will be entitled to refuse access to any Irish visitor who does not have the new travel authorisation. Even so, reports indicate that’s application rate for the new travel authorisation is very low compared with other EU countries.

Simon Nugent, ITAA Chief Executive, commented:

“This new system is nothing to worry about. For many years, people who have travelled to the have been asked to fill in a form during the flight or at immigration in Dublin or Shannon airport. The online ESTA system asks for the same information, just in advance of the trip.

“Many Irish travellers tend to leave formalities to the last minute and ESTA seems to be no exception with reports that our application rate is very low compared to other EU countries. Whilst the vast majority of applications from Visa Waiver Countries are approved instantly, less than half of one per cent of applicants are turned down for one reason or another. If you find yourself in this category then you will need to apply for a visa, and this does take time. That is why we recommend that you and your passport sit down together over the New Year break and apply for ESTA even if you are not sure you will be going to the this year. Once your ESTA is approved it will be valid for two years or until your passport expires, allowing you to travel back and forth to the freely.

“Getting your travel authorisation using the ESTA website is 100% free. However, online companies have sprung up offering to process requests for travel authorisation for a fee, in some cases up to $50! This is an attempt to ‘mug’ travellers online, who may not be aware that the process costs nothing.

“Don’t pay good money for a service that the US Government is giving away for free. The genuine ESTA website is operated by the Department of Homeland Security website and – most importantly – it won’t ask you for any money. The ITAA is advising travellers to apply for travel authorisation direct at http://cbp.gov/xp/cgov/travel/id_visa/esta/

“The advice from the ITAA advice is clear – if you are travelling to the USA from January 12^th, 2009, make sure to get your ESTA travel authorisation well in advance. Set aside ten minutes over the holiday period to log on and sort it out. And, to make sure you have the right ESTA website, log onto www.itaa.ie and follow the link.”

USA Property Links

For a selection of property in the USA click here.

For a list of agents selling property in the USA click here.

For independent articles on overseas property click here.

For advice on purchasing in the US click here.

For news on the US property market click here.

For new releases and product updates from US agents click here.

For a selection of property exhibitions featuring American property click here.

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Sell Your Bulgarian Black Sea Property

Yes, you did read the headline correctly, someone actually wants to buy your Bulgarian Black Sea property from you. Incredible as it may seem, here at the OverseasCafe.com we like to bring you good news where possible, and we think this will be considered very good news indeed by those with investment properties along coastal Bulgaria that are not exactly setting the world on fire at the moment.

Irish investment company, Appreciating Assets, has released a new buy-back scheme to purchase completed properties owned by overseas investors on the Bulgarian Black Sea Coast. The initiative is being backed by funds raised from a syndicate of their existing international investors. 

As far as we're aware this is the first syndicate of its type, and something that is badly needed by most buyers in Bulgaria. According to Dylan Cullen of Appreciating Assets the syndicate aims to capitalise on the unparalleled levels of ownership achieved by Irish and British property investors on the Black Sea in recent years. 

It also, says Cullen, addresses the major flaw in emerging markets, the difficulty investors have selling on their properties due to an immature resale market. So the obvious thing to do is to provide a buy-back scheme that provides an exit strategy for investors. 

I suspect the syndicate will not be short of offers of product. 

For further details contact Appreciating Assets Ltd on +353 (0)1 632 8632 or visit www.appreciatingassets.ie

If you have a property in Sofia you wish to sell then this blog may be of interest.

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