This is a blog dedicated to trying to recover the investments made by individuals when they purchased land from Asset Land Worldwide also known as Asset LI INC, Asset Worldwide Group and Asset Land Investment Plc.
Well I have been interested in the back and forth between Member 2 and his bank, namely the Bank of Ireland. Having seen the various letters and knowing the evidence we have against many of the refusal reasons, Member 2 has been great at sticking with the Section 75 refund replies and not allowing his bank to make excuses for not refunding under Section 75.
Success at last!
Member 2 contacted me today and has now received a full refund for all three plots purchased with Asset Land as an investment with the deposit paid by Credit Card.
Asset Land’s appeal has been dismissed and they have been ordered to pay compensation to investors.
Bad News next….
The compensation will not be equal to the amount invested.
The FCA are writing to all investors in the next few weeks to explain the process from here. If you received a refund from your Credit Card company under Section 75 then clearly you will not be receiving compensation. The Credit Card Company become the creditors instead – but a full refund under Section 75 is preferable to a smaller amount of compensation.
The FCA have a list of investors in the thousand and will be contacting investors directly.
Please don’t ask “How much?”. I don’t know. The FCA don’t know exactly and the process is ongoing.
2. Also, one of our members who successfully claimed full refund via Section 75 has some advice within the Members Area – Credit Card Refunds part of the blog regarding his hard fought case resulting in a full Section 75 refund – he is at the bottom called Member 14.
That’s all for now. Although a little bird told me that we may hear more on the TSA court case against Asset Land in September….
and for those that can’t face reading the link, before asking about getting your money back, ……
The High Court made an order in March 2013 that David Banner-Eve, Stuart Cohen, Asset Land investments plc and Asset L.I Inc make a preliminary payment to the FCA of £21 million as part repayment for investors. That order has been stayed pending the Court of Appeal’s decision. It will remain stayed pending the outcome of any appeal to the Supreme Court.
The FCA is aiming to return as much as money possible to investors, but it is unlikely to be the full amount they invested. Unfortunately the FCA has not identified any assets of the defendants that would enable more than a small proportion of these payments to be made.
Member Two is still pursuing his claim against the Bank of Ireland. He has successfully had a refund for one plot where Asset Land did not reach the step of changing the ownership details with Land Registry. However, the BOI is holding out for other plots where the Land Registry change of ownership did occur.