Wendz wrote:kenyanbeef wrote:The guys insist the project is still on but no explanation for the delays in starting out a project that was supposedly to take 3 years as from 2011.
Guess the crime here is holding onto investors money, probably making millions, while we get nothing for that time as we speculate whether or not the thing will ever take off.
The only recourse is seeking refund to invest elsewhere with interest! Any lawyers in the house to advise further?
This does not sound very encouraging.... so, if the directors are all these Mutuas, how does Mr. Lee come in? What was his role in this project?
I together with some potential investors were invited for an "investor's & site visit" on the ground in 2011. A somewhat impressive speech was given by lady family member present who confirmed it is family land - spanning about 300 acres - and the family had agreed and decided to develop it into a golf estate. The prices were as quoted above and after an extensive site visit, people expressed interest by penning down their names and (for those who could) drawing cheques at the same time. In order to sweeten the deal, we were told a big chunk had already been sold to pilots - owing to vicinity to JKIA.
The idea was to form a management company to which the land would be transferred from family ownership to the companies. The land buyers would form the shareholders of the company. At the time of the visit, were told the company had already been incorporated.
All decisions relating to the development and mangement would be undertaken at company level. The risk here was making downpayments before transfer of the land to the company. The family representative however stated, they required the money to, among other things, facilitate transfer, ground breaking etc.
Some relevant questions that were raised at the meeting included risks of family disagreeing (after people had made their downpayments) on transfer of the land from the family name/ownership. We were told to trust them.
I guess the halting of the project could be for myriad of reasons, which would not readily be disclosed by the land owners - lack of funds to proceed (maybe it did not attract as many investors as they hoped); internal conflicts. But I doubt Konza would be a factor.
The recourse for @ Kenyanbeef - look at the sale agreement (contract)on the default clause and execute it. Charge them interest too. According to that sale agreement it looks like the seller/vendor must have defaulted on their obligations - 2 to 3 years after execution.