I agree - I also invested in 2 apartments but i don't want to spend anymore money - however if the land has been sold (as previously suggested in the post above),then we must be entitled to some return - surely someone can advice how to go forwardI had invested in 2 apartments and had to barrow money. Fortunately I have paid all day. I am not going to spend anymore money on this dead project and will advise others likewise. The only practice way for all the investors to join together and write to the Givernment and Rakia to get some resolution and may be pay us some money for giving up our rights etc.
Can we please try this. We have nothing to loose. We need someone with technical knowhow to arrange this online. Regards Ali
That's great news I am sure they will do all they can to get things sorted, if you are happy with what they achieve for you then maybe you can share the contact with others.Great I have rung them and intend to pursue it for now will see what they are able to do. Thanks again. Has there been any successful claim against Pacific!
Hi Everyone, I am also an investor of a one bed in La Hoya Bay. I live in Dubai and have been trying for years to find anything out about LHB or how we can claim our money back. I spoke to a gent at Judicare in the UK and he said not to bother spending more money in legal fees to get our money back because there is no more money to be had. He said that of course we will win our legal cases again Frank-scumbag-Khoie but then we will still have to get the money out of him, and apparently he doesn't have any.That's great news I am sure they will do all they can to get things sorted, if you are happy with what they achieve for you then maybe you can share the contact with others.
If we do form a group of investors to approach the RAK government then please count me in too. I'm also happy to help out as I'm in Dubai, I just don't want to throw any more money at this situation.I agree - I also invested in 2 apartments but i don't want to spend anymore money - however if the land has been sold (as previously suggested in the post above),then we must be entitled to some return - surely someone can advice how to go forward
Sadly like many promises before this has also turned out to be total waste of my time. I don't know whether you have connection with the firm. But I guess it's for this reason forums like this one has become so useless as investors have become weary.That's great news I am sure they will do all they can to get things sorted, if you are happy with what they achieve for you then maybe you can share the contact with others.
I am happy to invest my time but sadly I am not great at tech knowhow. We could design a letter from individual investors with their details. Sign and scan it and send it to one person who can then print them and post it. Since you are Dubai based. You are best placed to do do this. I suggest we write to Dubai property watchdog as well as RAK. A lot of the developer are based in Dubai who operates project in RAK. Dubai should also ensure that their reputation is preserved etc. We can give investors in various forums few weeks to reply. We should act fast. ThanksIf we do form a group of investors to approach the RAK government then please count me in too. I'm also happy to help out as I'm in Dubai, I just don't want to throw any more money at this situation.
Me too. I called RAK municipality the other day and was told I should find a local lawyer and pursue the Issue. I am also interested in a joint claim.I will be interested in a joint claim ...
We would like some information by other investors. Is there anything we can do to claim our money back? we don't want to write our money off.If you did not get the properties you paid for then it's a lot easier to get your money back send me and email on (moderated) and I will give you some info I have
Would also like to join forces so Count me in too.If we do form a group of investors to approach the RAK government then please count me in too. I'm also happy to help out as I'm in Dubai, I just don't want to throw any more money at this situation.
I invested in the business village and i would like to join any group that is being set up. I got legal advice, around 18 months ago. It was that the cases would probably all be won, but Khoie has no money, or has it well hidden. The fact that so many of the investors, are from outside the UAE, means it is not as much of a problem for the RAK government, as if the majority of investors, were from UAE. I think our best chance of getting any help from the RAK government, is if we can somehow persuade them that the failure of them to act will seriously affect confidence from future european, American etc investors .I realise that this is a very simplistic view, but i think it is our only chance at this stage. I noted earlier in the thread that things have been changed to protect investors. Do any of the "Local" UAE investors, have any knowledge of any changes that were made recently, or do they have any contacts, in the RAK government ?Would also like to join forces so Count me in too.
I was involved with another property scheme, in another country, which went the same way as LHB.It took almost 12 years to get a refund and it probably would never have happened, without the involvement of the FSCS in the UK. For the first 8 or 9 years, there appeared to be no hope of anything positive happening. In that case, we were all reasonably up to speed, with the status of the different plots of land, during those years. In the case of LHB, I am not up to speed with what has been happening. I have been assuming, given Frank Khoie's reluctance to refund anyone, that some land must have been sold, to compensate the people involved in the Judicare case. Does anyone know what the status of the land plots, is at this stage, ie has any of it been sold or has there been any court determinations of who legally owns the land at this point ? or has there been any activity by the courts or Rakia, in recent years ?First time I have looked at a property forum for a whilst, just depressing! In Dubai next week and thought I would see if anything new occurring at la Hoya bay. It is clear there is no money available from frank, so the only way I foresee gaining any funds back is if the land is auctioned and money distributed to investors. There appears to be no appetite for this to occur by RAKIA, until this changes the stalemate continues!
