N
Norbert
Senior Member <br /><img src="http://img.propertyc
The current http://www.greenlandsecurities.com/dev-oasis.php website states that "Our development director, Stephen Naish, has considerable experience in all aspects of the real estate process, both commercial and residential. He is responsible for the appraisal and development strategy including risk analysis and economic evaluation with regard to new and existing Green Land Securities developments.Hi, I have just joined this forum today, essentially to post my question. My partner is one of the many unfortunate investors who had invested in plots at Palma do mar – (currently all infrastructure work is on hold pending money laundering investigations re Greenland securities).
He has recently been contacted by a law firm in Brazil – Peixoto. They have advised that he hire them to file a court action to receive a refund of the money invested, plus interest and monetary restatement (whatever that means!). They have advised that the case can take up to 2 years if not more.
I am wondering what to do. The fee they are quoting is fairly high $4000 (to be paid upfront) and then a further 20% of the monetary benefits that he may receive as a result of the court action. We are inclined to do nothing as we can’t see how the Brazilian courts will be able to award any compensation from assets that are currently frozen. However as we both are very inexperienced in cases like these I was wondering if anyone has any advice or experience they can share.
Many thanks
And on the 2nd of June, 2011, (#96 02-06-2011, 06:21 PM) Mr. Naish explains that he "... helped to set up Greenland Securities in 2007 as a Real Estate agent specializing in Brazil. I subsequently sold my shareholding in the company to concentrate on consulting on developments in Brazil rather than selling.
Greenland have remained a client as have various other development companies.
According to the DD done by Manzanares, the land was owned by Green Land Investments Ltda. But according to the note made by Peixote Advogados, the land was actually bought by Stephen NASH.
If I stood in your Havaianas, I would at least try to contact Mr Naish and find out what he is able (and willing) to do to avoid a lawsuit.
In any case, why not set-up a LOA/Land Owners Association with as many other buyers as possible, and sue collectively?
BRL 4000 PLUS 20% of the amount collected is excessive, and a 'special tourist rate'.
Good luck!
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