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Midas PLC 25% Loan

Discussion in 'Buying Overseas Property' started by emjga, Feb 7, 2008.

  1. emjga

    emjga New Member

    Folks

    Has any body had any dealings with a company called
    Midas PLC

    The seem to be offering a 25% loan over 1 year.

    Seems to be to good to be true , which I am sure it is.

    Any thoughts.

    Thanks

    Matt
     
  2. Lysos

    Lysos New Member

    Midas were previously known as Barfa Sim. You will find threads on both on the "Singing Pig" Overseas forum.
     
  3. emjga

    emjga New Member

    Lysos

    Thanks will take a look.

    Matt
     
  4. wolfgang

    wolfgang New Member

    I have invested in one of the Midas products with prior research and knowledge of the Barfa Sim episode.It is a risk but a calculated one in so far as you will take a charge on the land-in my case Marrakesh
    My first interest payment is due in approx 4 weeks so it remains to be seen whether or not this was a prudent investment.
     
  5. emjga

    emjga New Member

    Wolfgang

    Thanks for the info.
    That is the same bit of land we have been offered , assuming we do the deal in the next 2 weeks.

    Did you go for the minimum or more (Sorry a bit personal I know , PM me if you want.)

    Matt
     
  6. unicornmagus

    unicornmagus New Member

    Midas PLC

    While I have not invested in their guaranteed return and fund vehicles my experience with the company has been dreadful.
    After a years delay on a development build they suggested transferring our funds to a loan account giving 15% pa return whilst awaiting the build process. Another 4 months passed and the build had not yet started so we decided to pull out of the purchase. When we got in touch with the companies solicitors to release the money it appeared that the funds were never transferred into the loan account for that period of time.
    I tried following this up but calls and emails to MD David Southall have all gone unanswered. To the best of my knowledge the property that was supposed to be ready in May 2007 has yet to receive planning permission.
    I have looked into other investment vehicles similar to the Midas setup. The 25% is supposedly guaranteed. I would run it past a solicitor. I would stay away from the non guaranteed route as your money is not even fully secured.
    7 continent investments offer much the same deal. I have spoken to them about their packages and they hope to get another in place within the next month or so. So if timeframe isn't a huge issue based on my experience of Midas I would suggest looking at other alternatives.
    Marc
     
  7. unicornmagus

    unicornmagus New Member

    Barfa sim

    I had never heard of the Barfa sim escapades before reading this thread. Now ive done some research I am very glad to be out!.
     
  8. The Soup Dragon

    The Soup Dragon Senior Member

    I think 7 continents act as agents for Midas. Chances are their offering is the Midas offering.
     
  9. cycadeoids

    cycadeoids New Member

    Midas PLC

    Hi

    Might be worth looking at what Midas have done to date.

    Project at Sunset Village is only half finished, this was due to be finished April 2008. There are no signs of any building work at Peninsula Village (their next project). A proposed 100 apartments and extensive facilities are supposed to be ready for handover September 2008.

    Terry
     
  10. mikefluk

    mikefluk New Member

    OK So is that a Yes for Midas or a No

    Hi

    I have recently considered their investment with a 25% guaranteed return. Is there any definitive prrof one way or another as to whether its a good investment

    Thanks
     
  11. Lysos

    Lysos New Member

    Mike,

    We have spoken on the Streetwise forum (I have a different username there - I was banned originally for daring to question some of their deals, such as Fortuna, Aramis & R2I). Midas were originally Barfa Sim; read threads on that on SW & Singing Pig, Though Terry's post should tell you all you need to know.
     
  12. DC

    DC New Member

    This is an important thread, we deal with Midas, and the Barfa Sim episode as I understand it was they brought land and got planning on it, then the seller wanted double the money. So they backed out and now are suing the land owner.

    we must all remember when we deal in emerging markets there can be problems. Also as far as i know all people got their money back.

    Our dealings with Midas have also always been good and professional. People and companies learn from mistakes and now they use John Howells for legal work which is a positive he is an old dog in international waters. ie. he knows his way around.

    Good to discuss things. We find the MD etc at Midas to be fair and reasonable. Like all things do your own due diligence and take your own opinion on the situation.

    It is rare in the market to get 25% return per year on a 100% security on land, but you have to read the small print and see where your money will be in the best and worst situation.

    Good luck.
     
  13. mikefluk

    mikefluk New Member

    Hi - Yes I know who you are. Thanks for the tip off Why is it that the local council only have to suspect you of fly tipping and they can tap your phone and listen to your private conversations - yet people like this can act with total impunity
     
  14. emjga

    emjga New Member

    I see Midias have pulled the plug on there 25% Investment Fund.

    I heard a rummor (not confirmed by me) that they are in trouble with the DTI
    As the loan product is not sold as a Licenced product.

    Any comments ?
     
  15. The Soup Dragon

    The Soup Dragon Senior Member

    All I've heard is the information beneath from another poster on Singing Pig:

    "Looks as though Midas have problem with their 25% loans and other loan style investments. They are saying that these products may need to be regulated by the FSA and are holding back all interest payments, etc on the grounds that they are not allowed to make them until they have clarified the position.

    I'm not sure if this is genuine, or whether Midas are in trouble cash-flow wise following a drying up of investors due to the credit crunch and are stalling for time. I'm trying to find out more and will update if I find out anything."
     
  16. Lysos

    Lysos New Member

    Anyone who has followed the Barfa Sim debacle a) Would not have touched this with the proverbial bargepole, and B) Not be at all surprised by the latest developments - or lack of.

    The old adages always hold true - if something sounds too good to be true, it invariably is.
     
  17. DC

    DC New Member

    This product has been withdrawn. Other products exist like a 20% return on money from other companies in the market.
     
  18. supermfd2

    supermfd2 New Member

    Midas Investors (Midasplc)

    Hi My name is Mo and I am an investor with Midas (Midasplc).

    There was a meeting with John Howell last week but I wasn't able to attend.

    I am trying to make contact with other Midas investors who are as nervous as I am about current developments with our investments (I have moeny in Peninsula). The way things are going it is starting to look like our investments may not be as secure as we would like. I would like to try and get all Midas investors together as we will have much greater strength in numbers.

    If there are any groups or individuals out there with a vested interest in Midas please contact me.

    Thank you
     
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