White Bay Development Umm Al Quwain - Beachside Apartments

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Artistic

New Member
The truth of the matter is that al Murjan are in liquidation and we have all been told by the liquidators office that they are working on getting all of our money back for us, all that is printed in the news papers is a lot of rumours and some of the truth, yes the company has gone into liquidation and Liquidators are now handling things but it is not going through it is already done. i am hopeful we will get most of our money back and i am looking at it as a sign that it was not meant to be, i wouldn't be surprised if in the future, oil is found on that site and this is the real reason the company has liquidated to get out of building when the land is worth far me than selling to investors..... watch out for my prediction.
 
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rog

New Member
Hello All White Bay investors. I presume that you have all had an e-mail from the liquidators arranging meetings April 3rd - 23rd 2011 to put their offer of settlement to us.
 
A

Artistic

New Member
Hi Rog, wonder how many people will reply and would be great to actualy get some feed back on this latest news. I for one am feeling a bit despondant after changing arrangements from march to April, all the while they have information which they are not prepaired to share with us yet.
 
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JINJA

New Member
Dear Friends,
I am an investor in white bay projects but having difficulty in communicating with the liquidators and have not had an e mails about the meeting between 3/4/11 to 24/4/11.i would be grateful if you could keep me informed and possible many other investors.

Regards,
Jinja
 
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Valery

New Member
Good day!
I scheduled an appointment on 14/04/2011.
and the first meeting will be held tomorrow.
please share your impressions! what needed to be ready?)))
 
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laidback74

New Member
Dear All,

A group of approximately 20 investors is joining hands to file a joint case against al murjan, the developers of white bay, in order to receive fair compensation. This group will be using locally present legal talent and media representation to fight their case.

If you are interested in joining this group (current number of members: 14) then please email me rehanzubair (at) hotmail (com) and I will pass your information on.
 
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Gary H

New Member
White Bay Liquidation

Dear All , I am an investor in White Bay and am finding it very difficult to contact the Liquidators and get an update on what is happening. The numbers I have are 00971 6764 9911. The published number for the liquidation office is 00971 6766 6206 , both I get no response from.

One person contacted us , he was called MAHER. He called me from the liquidation office. He also gave me his mobile which was 00971 5035 00048 , this number is now unobtainable. He phoned and tried to tell me that there was an offer to move into another development! Clearly I told him no way and that I wanted to see the outcome of the liquidation , P&L , Escrow etc. I haven't heard from him since!!

I would really appreciate it if anyone has any further information in respect of this liquidation.

Kind Regards

Gary Hollins
 
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laidback74

New Member
Hi Gary,

Send me an email at my above mentioned address or give me a call on 0505537831. I'll fill you in.
 
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maximus1

New Member
do not invest with them. i wish that i had never heard of them , let alone given them my hard earned money. bought an overpriced invest, delivered three years late (actually its still not been handed over yet) and despite all of their wealth builder plans & promisses they now tell me that the rental returns are not as they had hoped, and they are now trying to scare us into signing up for somthing, that is not at all beneficial to me.its kind of funny, if you phone them regarding any of ther projects, they will tell you that ther doing great and you better get a wiggle on or you will miss out and they tell tales of great returns via rentals.then like me when you talk to them about rentals or possible resale they tell you, good luck trying to sell or rent anything at the moment because nothing is moving, and they are right as i have checked out many est agents in the area, and nothing much is selling unless you want to sell at a loss. they do however continue to falsley advertise the high return rates etc on ther web site, and still send out to existing and potential customers ther rates that they know not to be true. i am in the process of now taking legal action against them.my journey with them has been one of dissapointment and being let down time after time, stressfull and to date the worst investment i have ever made, actually its the only epic disaster i have been involved with. this is why i am sharing this with whoever wants to take heed from it. the odd thing is no matter how hard i look on forums i cannot find any body saying anything about them good or bad, so if you know of any such discussions please let me know.
regarding the returns, i cannot quite believe what they have told me today, it hurt big time. they are saying the expected rental is now going to be in the region of 20 to 30 thousand aed a year, thats right folks a year 3 to 5 thousand sterling. they are expecting final payment. its not going to happen, the stark reality is it is no deal, this means i am going to be in dis pute with them and i now realise that i have lost my investment pretty much as i am sure that if i do not make the final payment they will probably seize it or somthing in ther favour. but it is already not worth what i paid for it, and 5k a year rental? it will take me about 60 years just to break even. if anyone is interested in contacting me then do so i can forward copies of correspondance to you. i think it is to late for anyone who has purchased in yasmin now we are all in the same situation? however why dont we start a website that can be used to show the corruption that has taken place and prevent other people from investing with them?

Last edited by maximus1; Today at 03:22 PM.
 
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Bobdown

New Member
Hello,
I was wondering how people got on with compensation from White Bay?
I had invested there but was talked into shifting my to Yasmin with the promise of a really good deal and the apartment would be finished and earning in early 2011,
Well it's still not finished, they are not sure when it will be and I has found apartments better then the one I got for about half of what I paid .
Maybe I would of been better of with the compensation from White city.
 
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