Hundreds of investors form action group to fight for money invested in Bulgarian deve

[Nicholas Wallwork]

Hundreds of British and Irish property investors have formed a group aimed at trying to get back £6 million paid for apartments in advance in a Bulgarian resort where work has now stopped.

About 300 investors are furious that the development company mortgaged the properties to pay construction costs despite many of them being paid for in full in advance. They say this is gross financial mismanagement.

The investors, who point out that they are ordinary people, not businessmen or large scale investors, are concerned that they will not seen any of the money they invested in the Pirin Park project because the future of the enterprise in Bansko now appears uncertain.

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