If this JP thing was advanced $7.1m and the guy vyed for a parliamentary seat in limuru which he lost,then I would suggest you dont bother calling the proprieter or his office. Seek a legal redress.......

NEVER TALK OF A RHINO IF THERE IS NO TREE NEAREBY - ZULU PROVERB

here is the evidence. JNP lives in Sacramento California The rumor is he is apparently trying to change his name. This man is a conman. He took our money and gave us nothing for it. I know people who tried to serve him and he apparently told the sherif he was not JNP but JNP son. He apparently claimed his father is the one doing business in Texas... So you tell me this is not a conman and I ask you to show me who is. I recommend we all write to Dilloit the appointed receivers and claim our share of the money. I can be reached at wasike_joseph at yahoo.com. JNP lives in Sacramento california..I will find his address and post it here... mwizi ni mwizi.. http://ea.nationmedia.co...Print/25_05_2009_004.pdf

In Real estate as in any other investment venture,it is incumbent upon the investor to carry out their own due diligence before commission of funds. This project was doomed to fail due to the imprudence with which the financing of the project was structured. I do not deem this to have been a scheme hatched up oversees with the sole intention to defraud Kenyans.It simply could not work in its format. Pole for all those who put in their funds.I hope a way is found to recover the same.

Patience Pays in Guaranteed Checks

@Mr.Tea,

I realy like ur knowledge in Real Estate ..U r just good... can I have ur Email pls?.

@bonnyboy: Writing to the receivers demanding payment will not yield anything. As far as a receiver is concerned, you are an unsecured creditor. Receivers have no power to deal with unsecured creditors. The receiver will tell you that your claim will be dealt with after the secured creditor is paid in full.

@Mr Tea: The project was well intended. The problem came when JNP started diverting the money disbursed by OPIC. If he had stuck to the plan, he would have paid the loan comfortably as indicated by the interest generated in the houses. More than 120 people had made deposits for the houses! Greed and conmanship is what killed the Jopa Villas dream!


Immorality: The morality of those who are having a better time!

Mr Tea

Agreed. But the complexities in the JNP case were not too err ... .. complex! It was simple. We give you this 70% of the total funding required for the project, you raise the balance (which admittedly he did - don't know how), you build the houses, and repay the balance from the proceeds. If you fail to repay the loan, we secure the assets (land and buildings) and sell to recover our money! What is complex there?


Immorality: The morality of those who are having a better time!

Mr Tea: I'm not privy to the contract and would also not discuss it in a public forum. I may have oversimplified the issue but really that is how it should be. If he had used the money given (since you have first hand knowledge, you know that it is a huge amount) for what it was intended for, there would never have been this problem.

OPIC have come out clearly to state that JNP defaulted on 3 repayments without any explanation. He refused to provide a breakdown of how he'd spent the money already advanced. An independent review done showed that he had spent less than 15% of the money given by OPIC for the Mombasa Road project on the Mombasa Road project. At the same time he was building a huge complex in Texas.

All in all we are saying the same thing i.e. JNP is a conman. You seem to be well endowed in the Real Estate business so I will not indulge you as I know little about it. What I don't understand is why he did not exercise prudence and honour the contract.

Quick question here! Do you think that were JNP to use all the money given to complete the project, he'd have easily repaid the loan?


Immorality: The morality of those who are having a better time!

'Plus repayments are only made 6 or so months after the completion of the project.'

Is that a norm or an exception? Any views on my question?



Immorality: The morality of those who are having a better time!

Sasha,

At the end of the Receivership,and assuming the whole property is sold - is the new owner obligated in any way to the people who had placed deposits with JP?

www.likechapaa.com

Even if the guy refunds your deposit now,what will be its real value? Assuming you had bought the houses at 3.8M,similar houses in that neighborhood are currently (Muthama Heights) going for 6.5-7M.

I know of a estate in Langata which had stalled but one of the buyers went to the selling agent and got the contacts of all the pople who had bought the houses. He called them for a meeting and the attendance was amazing. They formed a committe comprising of legal experts who wrote to the developer. They also organized site meetings with the developer every month to monitor the progress. I must say that the estate was completed and these guys are now staying in these houses.

Maybe those of you who bought these houses can try this method. You need to get the contactsof your fellow purchasers and meet on site to deliberate your way forward. You will be amazed on what you can achieve as a team.