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 Post subject: Information for new members 21st April 2010
PostPosted: Wed Apr 21, 2010 11:29 am 
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Joined: Thu Jun 18, 2009 10:04 am
Posts: 1449
Location: Oldham/Manchester
Hi All, I see we have several new members now joining that are involved on the Desert Pearl, Coral Sea Pearl, Pearl Vista, Aquarius Pearl, Egyptian Pearl and The Pearl of Sahl Hasheesh. This site has been up and running for almost 12 months so there has been an awful lot happening and many threads of information, I have summarized below the past 12 months so you can bring yourselves up to speed quickly.

Late 2008/Early 2009 things started going wrong with WWD, I sent an email out warning people that they need to seek legal advice and not be bullied around.

Email response was yes we want legal advice how do we do it, I found Denton Wilde Sapte (DWS) in Cairo a large multi-national law firm falling under the UK Law Society. Initially they said they couldn't help due to there being no class action in Egypt, they then discussed with their litigation team and came up with the plan of forming a company with myself as the main point of contact, this company was called The Hurghada Residents Association (HRA). The buyers were then able to join the company as plaintiffs after signing the agreement and paying an initial £100, this covered the setting up of the company and due diligence report, which everyone received a copy of.

From the report many issues emerged like the mortgage on the land of DP1, the land of DP2 and CSP being covered by several court cases, the state of your contracts and of course some ideas of moving forward.

To move forward they obviously needed further funds, this was hard to gauge due to there was no idea how long it would take or what would be involved, they initially wanted £3,000 per person and anything left over would be refunded. I managed to get them to agree to £300 per person expecting there to be a big uptake due to people wanting to fight for their apartments, we didn't have a great uptake however the solicitors agreed to start and I was hoping more people would come on board.

Over the past 12 months the numbers have risen but not as high as expected, this is probably due to there being several camps with different agendas and people have been confused, we have around 150 fully paid up members and recently this has started to grow as more and more people become unhappy and disheartened with other parties. They realise that the HRA is made up of owners fighting for themselves not companies looking to exploit further monies from and not to bothered whether they get the apartments back as long as they make some money.

The money paid to the solicitors has now been used however, as they have been involved so long and want to see a happy outcome as I do they too are now funding it themselves as I am. Granted if there is a successful outcome and we get to a position of you needing new contracts they will recoup some money and from my position if you get your apartments, it will firstly give us as a company a great reputation and secondly we sell furniture so some may purchase from us although there are definitely no conditions attached to anything I do, if you buy furniture great if you don't no problem. I just want to make that clear due to certain rumours going round and not one person has been asked to buy furniture from us or will be asked.

We have become close several times with me travelling to Hurghada to meet Yasser from El Riad, it was an interesting meeting down a dark alley but it went well at the time and I thought we had an agreement that to keep your DP1 apartment they would accept a 15% payment direct to the Bank of Abu Dhabi and the apartment would be delivered free from the mortgage. It went well for a couple of weeks, Yasser went to Cairo to meet the solicitors, they drew up the papers but it all went quiet and eventually hope faded. We carried on communicating with El Riad, the bank and the owners.

We eventually convinced Yasser and Mohamed that we weren't asking for any payments, commissions, palm greasing all we wanted was to secure the apartments and help everyone involved move forward for all our benefit (and sanity). From that point Mohamed and Yasser have become increasingly cooperative and assisting us by providing certain paperwork and also recommending a swap for all DP2 and CSP buyers to Pyramids Beach (PB). This is not the ideal solution as I expect most bought in DP2 and CSP because you liked it, but unless the court action surrounding the land is finalised it could lay dormant for years, it has already been in the court for several years and the first buyer is happy to leave it there unless he receives a large sum of money.

The current position on the swap to Pyramids Beach is that the solicitors from DWS are carrying out the due diligence on this site, they flew into London a couple of weeks ago and I drove down to meet them in their Milton Keynes office along with the Milton Keynes Partner. During this meeting we discussed the history of the situation, the plans in place to move forward and how best to implement. To keep costs down and to make things easier, we will be using their Milton Keynes office as the admin hub and the Cairo solicitors will be carrying out the legal work, this is currently being implemented and I'm in contact with both offices daily. There are a lot of legal issues being addressed surrounding the PB site and after the meeting in Milton Keynes we all had a conference call with Mohamed from El Riad detailing what they needed to do and what they needed to supply to DWS to enable them to draft a legally binding contract. He has also agreed to several clauses and penalties being added, plus other safeguards which I need to keep confidential for now. DWS have received most of what they asked for and I will be speaking to Mohamed later today and chasing up the final pieces, once these have been supplied DWS will draft a contract for El Riad's solicitor to go through, once all agreed the DWS UK office will be in touch via letter with all those that have chosen to swap and have been allocated an apartment. This initial letter will detail a lot of what I have said here but also detail what documents they require from each individual for money laundering if not already supplied, they will then follow up with the contract for signing and details of what the other safeguards have been implemented.

We have also started negotiating on DP1 for the return of all the apartments for DP1 owners in the HRA. The issue with DP1 is that El Riad never received the final 58% of the monies owing to them so are not happy handing over apartments although many have been paid in full to WWD. I see this as a company to company issue but due as a company losing £2+million they are obviously not happy and have taken to reclaiming apartments. I do not condone these actions at all and have expressed my concerns to them, which is where we are now in finding middle ground to get these apartments in the hands of the people that have paid for them. It doesn't help that WWD have taken over £10 million pounds and are now in administration with £800 in the bank account and no sign of the £2+million owed to the builders. There is much more on this in the members area.

The Pearl of Sahl Hasheesh buyers have also been included in my dealings and I am currently negotiating with El Riad and the new developer for them to choose a new apartment on the Mamma Mia development now being built on the old Pearl of Sahl Hasheesh plot 22B. ERC have also issued an updated list of approved projects and builders in Sahl Hasheesh and Mamma Mia is on this official list of developments so all the planning etc.. has been submitted.

We have recently started to have an influx of Pearl Vista/ Aquarius Pearl buyers asking to join the HRA and become involved with the swap to PB if the solicitors give it the green light and El Riad accept the new legal contract (I say legal because there are issues with every contract issued on this site so far). For these buyers we have agreed to them joining for the nominal fee of £100 to DWS, due to them not being involved in the past 12 months legal wranglings, but will benefit from DWS's involvement in the due diligence on PB site, they will of course be subject to the same costs for a new contract.

This is a very short summary (and I have probably missed off lots of it but I hope it gives an insight) of what has been a very hard 12+ months for everyone involved with many highs and lows but there is light at the end of the tunnel and anyone wishing to jump on board in DP2, CSP, Pearl Vista/Aquarius Pearl please do not hesitate to ask for guidance from existing members. You are all in the same boat and can provide comfort to each other, a few of the members are heavily involved in the admin for members and of course the setting up and management of this site, we need more volunteers to help with a lot of the admin work as well :D

_________________
Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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