off plan purchase at crystal spa aparthotel - eurosilex

[dragonslayer]

Good Evening all
I have just this evening come to this sight and I am surprised (but not surprised) at the volume of talk concerning Eurosilex.
I have been compiling a dossier on Eurosilex for the best part of 18 months; well before the credit cruch and well before they got into difficulties.
I am willing to discuss them with anyone that has first hand knowledge of their developments, as owner,builder,investor or however.
Any background knowledge of their two directors Nicolas Galand and Alexandre Glas and what they were involved in prior to Bulgaria.
In particular I am keen to hear of any instances where Eurosilex have failed in their obligations in any way.
I am also interested to hear of any success stories!
Thanks for the opportunity
Regards
Dragonslayer

 

[dannyo]

hi dragonslayer
welcome to the site,I am interested in chatting with you i have posted an email address previous,I suppose these two gentlemen in a previous life were not in the charity business or helping old ladies across the street,maybe at this early stage you can say what your interest is here are you an investor a former business partner or a jornalist may i ask looking forward to hearing from you.dannyo

 

[Eurosilex]

Dear all,

As one of the shareholders of Eurosilex Ltd, I am allowing myself to participate in this forum.
Over the past months, we have read the different comments and we did consider the right of the buyers to express their feeling good or bad of the present situation with Eurosilex Ltd. However, we believe it is important to state today the situation and the problems Eurosilex Ltd is facing.

First, all the clients money have been used either to build the projects (unfortunately not finished) or the banks used it to refund earlier their loans due to the international financial crisis.
I would stress that the different projects funds were separated. However, the bank took as a whole the situation when the crisis did hit them.

As the credit lines already granted to Eurosilex Ltd have been stopped and there is no possibility to get new ones in the present environment, we have to find additional solutions.

The current situation and stop of the projects is not in the interest of Eurosilex Ltd and its shareholders. Indeed, it is well known that a property developer is gaining its benefit when the project is done and completed. Today, we are loosing money and so we need to find a solution that will save the situation. The administration is the biggest risk that the company is facing. We need to do our best to avoid it to protect the clients’ interests as in such a case, clients and shareholders will loose everything.

It is obvious no one wants this to happen. At the same time, we clearly appreciate that clients need to get back confidence into Eurosilex Ltd. And that is why, all the team of Eurosilex Ltd is still present and working hard to find a suitable solution that will protect clients interests. I would like to stress that so far, none of the clients have lost money and we will fight that this will never happen.

We have looked at all possibilities. And the only suitable that comes up is to offer alternative properties in other developments. This is a complicated process.

Our sole interest is to ensure that the clients will get a completed property they paid and agreed for whatever efforts and costs it will take us. The policy of Eurosilex Ltd has always been clear and honest in front of partners and clients. Although the crisis has hardly affected the company, we will continue to follow such policy.
All our clients will be contacted individually.

Best regards,

Alexandre Glas

 

[Tidalflow]

Alternative completed developments

Hello,

I welcome the posting by Alexandre Glas outlining the current situation.
As an investor in Golden Valley I would in the current economic climate be prepared to accept a completed construction in another location, if this is a feasible solution, rather than losing all my investment. Clearly time is the critical factor and I would be interested to know if we are talKing several weeks or maybe months before Eurosilex would be in a position to offer investors alternative accommodation in a completed development.

With regards,

Tidalflow

 

[Eurosilex]

Hello,

All the process such as timeframe cannot be stated under this forum for obvious reasons.
We will be glad to talk individually to each client given the necessary explanations.

All the team of Eurosilex is at the disposal of his clients.

Best regards

Alexandre Glas

 

[dragonslayer]

hi dragonslayer
welcome to the site,I am interested in chatting with you i have posted an email address previous,I suppose these two gentlemen in a previous life were not in the charity business or helping old ladies across the street,maybe at this early stage you can say what your interest is here are you an investor a former business partner or a jornalist may i ask looking forward to hearing from you.dannyo

Hello Dannyo
would be pleased to talk to you. Cannot trace your e-mail address, could you give it again?

 

[dragonslayer]

Hello,

I welcome the posting by Alexandre Glas outlining the current situation.
As an investor in Golden Valley I would in the current economic climate be prepared to accept a completed construction in another location, if this is a feasible solution, rather than losing all my investment. Clearly time is the critical factor and I would be interested to know if we are talKing several weeks or maybe months before Eurosilex would be in a position to offer investors alternative accommodation in a completed development.
With regards,
Tidalflow

Hi Tidalflow
when dealing with Eurosilex get a GOOD lawyer. Do not act individually - contact each other, and form a cohesive group that acts together and exchanges information regularly. Do not agree to anything, do not sign anything, unless it is through your lawyer.

 

[dragonslayer]

Eurosilex,
what are the 'obvious reasons' that make you not possible to make the alternative solutions to your clients dilemmas so secret? The actions that you have take will affected many lives detrimentally. This is the time to start being openly and honestly with everyone who you have damaged.

 

[Eurosilex]

In these critical times, many companies are going into administration all over the world and especially in Bulgaria and in such cases, the clients interest are never protected.
Many clients complained already that forums are polluted by fake clients, fake lawyers, fake previous clients in order to make the situation of Eurosilex even more complicated or just to protect their own interest. It's obvious that no one would agree to have his personal details discussed in forums. And I would state that most of the posts are under alias.

We cannot enter into any detail and/or negotiation in a public forum.

Whoever has approached us personally (or as a group of customers),received reply to his questions. It's a real difficult task as we have 275 clients of 22 differents nationalities. However, we will contact everyone who wants to be protected even in this real difficult financial time.

We will be at your disposal for any queries by email.

Yours sincerely,

Alexandre Glas

 

[Dragoman]

Eurosilex - former employee here!

Hello All,

I have been following these threads, for many months, with particular interest. I relocated to Bulgaria, from England, to work for Eurosilex in 1997.

For the last 18 months, I have been involved in personal Court proceedings against them after my employment contract was terminated without notice or proper payment under the contract. Bulgarian bureaucracy has played its inevitable part in the delay but it finally reaches a conclusion in the next few weeks.

It is extremely difficult for me to be objective about a company who, frankly, inflicted enormous mental torture on me with their behaviour. I relocated to a foreign land in the belief that a six page Employment Contract would be security.

Some of their actions were disgraceful. They, however, are not your concern as investors. Sadly, I never met Alexandre Glas, but I worked with Nicolas Galand 16 hours a day for a long time. Given what happened to me personally, the following may come as a surprise, but I am writing this as objectively as possible, as if it might be read by good people who want knowledge that that they can use constructively.

Nicolas is a man of deep integrity. Until my termination, he behaved with English honour at all times. Odd for a Frenchman. In Bulgaria. But true. Every single pledge or promise he made to me, to other employees, to the many clients I saw, was fulfilled and honoured. In typically prolonged Gallic style, perhaps..but he kept every single promise. He is a man who, despite my own events (and I cannot believe I am writing this after what happened..) I would trust to act in yours and his best interests. Unequivocally. If I were an investor, I would simply be thinking "Shall I sue them for breach of contract?". If enough of you do that, the company will surely fold. Monsieur Galand is a not a time-share rogue. He is a brilliant businessman. He was a total b*stard to me at the end...but that should not be your concern.

My advice, for what it's worth, is to trust Eurosilex to come good. They will want to make pot loads of money at some stage in the future and they will be hard-pushed to do that if they have to refund payments all over the place. They are greedy for success. Get your contract and all letters checked by a proper lawyer. The law firm handling my case are in Sofia...and are acting for me on a no-win, no-fee basis, a first in Bulgaria I believe!

The staff of Eurosilex (with one exception who is neither Msr Galand or Glas) are a wonderful bunch of honest, decent people who were recruited to provide honest, exceptional service. Do not be too harsh on them, please.

I am amazed that I have written this. But if I were in your shoes, I would be grateful that someone with the knowledge that I have, did just what I have done.

I am happy to answer any further questions...my email address is marksmoods at hotmail dot co dot uk.

I hope this helps

 

[Lysos]

It sounds like they have already made " pot loads of money" and given the track record of othr 'developers' (e.g. Bulgarian Nightmares, oops, sorry Dreams) they won't be in any rush to give refunds. Just an impartial view from the sidelines from someone who always thought the Bulgarian bubble was without foundation. (Likewise Dubai & Morocco). This is not a smug 'I told you so', but yet another warning to do excessive due diligence on any form of investment. Remember two golden rules:

1) If it sounds too good to be true etc....

&

2) A salesman will tell you exactly what he thinks you want to hear.

 

[dannyo]

hi dragonslayer
my email address is [email protected]

 

[Dragoman]

Eurosilex - former employee here!

It sounds like they have already made " pot loads of money" and given the track record of othr 'developers' (e.g. Bulgarian Nightmares, oops, sorry Dreams) they won't be in any rush to give refunds. Just an impartial view from the sidelines from someone who always thought the Bulgarian bubble was without foundation. (Likewise Dubai & Morocco). This is not a smug 'I told you so', but yet another warning to do excessive due diligence on any form of investment. Remember two golden rules:

1) If it sounds too good to be true etc....

&

2) A salesman will tell you exactly what he thinks you want to hear.

Just a quick follow up to my earlier posting :

1. Lysos, I was the manager of those salesmen. They didn't lie. Ever.

2. A correction. I relocated in 2007, not 1997. Apologies...seems like twelve years ago!

3. Three replies already to my hotmail account- gosh! We may be in different boats, but we're all stuck in the same (black) Sea.

4. I'm returning to Varna shortly. Met a wondeful girl there and we still see each other...she was banned from my office by the directors for "looking like a hooker". Maybe they had a point....I'm happy to meet anyone in Varna..or in London...

5. I'm no expert on any of this. But I'm happy to offer any opinion...

 

[dannyo]

hello eurosilex
you are most welcome to the forum,I think mr glas it is now time to stop this misinformation, that you are spreading,i think you should explain what issues are complex and for obvious reasons you can not explain,can i remind you that you have signed legal binding contracts with investors that now you are in breach of.it is now time to tell the truth,you speak of fake investors,i am real i have posted my email address above,i want to ask you when are you going to honour your contract with me. dannyo

 

[dannyo]

hi dragoman
i see from your last post you were their sales manager,can i ask you when you were selling these properties to investors did you feel they properties were good value were they in line with what a local would pay ,did you feel they were a good investment as in five years they value would go up,Now dragoman you would have a good knowledge of the property scene in varna, can you give an opinion how much the market has fallen and what is a fair rate today per sq metre this will give some investors some help as to what they are facing,I will also ask mr glas these questions dannyo

 

[dannyo]

hi all
looks like a good idea to have meeting in london maybe mr glas can drop in now that would be good, whos up for it. dannyo

 

[Jain and Chris]

Sounds more like a witch hunt... ex employee, 'who's up for it' attitude...

 

[dannyo]

ah jain
good morning i was wondering when you would show up,with a "balanced opinion" its plain to see whos side you are on ,I am on this forum to seekand share information as is all the other investors, eurosilex has joined to explain i think where they are going here and we are waiting for this explanation, I note jain you alway jump in to our discussion when i talk about price and where the market is now,please let people voice their opinions relevent or not, most of the investors know the party is over on bulgarian property except one or two with vested interests.dannyo

 

[Dragoman]

Sounds more like a witch hunt... ex employee, 'who's up for it' attitude...

My attitude is "who's up for it" ? Nothing could be further from the truth..I believed my personal experiences would be of use to all those with a signed Eurosilex contract. Like the investor who emailed me yesterday, having invested his life savings of 58,000 Euros and felt secure because he had a signed contract...

Read my original post again if in any doubt. "A contract is only as good as the legal system that can enforce it" were French words to me. And if I wanted a witch hunt, I'd have written far more graphically about my experience.

Interesting....

 

[Tidalflow]

Trouble down at the Mill

ah jain
good morning i was wondering when you would show up,with a "balanced opinion" its plain to see whos side you are on ,I am on this forum to seekand share information as is all the other investors, eurosilex has joined to explain i think where they are going here and we are waiting for this explanation, I note jain you alway jump in to our discussion when i talk about price and where the market is now,please let people voice their opinions relevent or not, most of the investors know the party is over on bulgarian property except one or two with vested interests.dannyo

Hello Danyo,

I think the one point we probably can agree on is there is "Trouble down at the Mill". However, I for one don't want the Mill to close down in the near future and would definitely consider any sensible alternatives that might prevent this outcome. In the old Victorian worker tradition it looks as if Eurosilex is to keep trading then we are going to have to accept some major changes which are unpalatable to all of us.
From your postings you still seem convinced that with the right strategy you can recover all your investment. If that is the case well done. My current reading of the situation is rather different and the very best outcome I can envisage at present will involve a loss of a significant amount of my investment for the foreseeable future.

Regards,

Tidalflow.