Cape Verde Islands

Wednesday 18.09.2019

 
 
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 Post subject: Re: block D
PostPosted: Mon Mar 18, 2013 1:09 pm 
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Joined: Thu Feb 14, 2008 5:51 pm
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Location: United Kingdom
Can it get any worse ? It seems we're are at the end of the road. How can we get some of our money back ??? Anyone got any ideas?


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 Post subject: Re: block D
PostPosted: Tue Mar 19, 2013 3:00 pm 
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Wow, what the heck has gone on in Cape Verde? Just what is the point of the CV Government? They seem to have sat back while developments falter and fail all over the place. They seem to be just in it for the short term and the tax revenue, imprt duty, visa charge that they can levy. Speaking as a Sambala buyer of property, which I am yet to take delivery of, after 8 long years I can fully empathise. Evidence seems to point to the turning of a corner as regards our development, but we have had many many flase dawns and a lot of buyers have already lost their money as they have chosen to walk away rather than pay the due stage payment. I hope that if our resort gets up and running and the open skies type agreement with the middle east means that more flights and tourism will spark more investment and you guys can reap the rewards also and get your resort up and running.


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 Post subject: Re: block D
PostPosted: Sat Mar 23, 2013 8:08 pm 
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Joined: Fri Mar 02, 2012 11:19 am
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Any Block D investors out there please contact me URGENTLY at zephyrfisher@aol.com for further info


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 Post subject: Re: block D
PostPosted: Wed Apr 24, 2013 2:47 pm 
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NDR are finally going to the court of Arbitration to try and recover monies from Turinvest.

Information packs will be issued to all NDR clients shortly.

They can't get hold of anyone at the company & have no info as to when work will resume.


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 Post subject: Re: block D
PostPosted: Thu Apr 25, 2013 8:18 am 
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Can whoever is instructing NDR ensure they ask that all investors be given the opportunity to input? I am concerned that a move to arbitration whilst potentially a moral victory may actually not move this on much. Sure it may create a bit of adverse publicity (expensive at lawyer’s rates), it may generate a favourable ruling (of course it might not go investors way as well), then it comes to the sticky problem of how is a ruling enforced? As has been observed by a few, the CV civic administrations have not been falling over themselves in the queue to demonstrate a well structured, transparent, and enforceable market as foreigner’s cash has flowed in – so where will settlement be made? And, with what assets? Turinvest by all accounts (hearsay) is running on a threadbare shoestring, so the only asset is the land and the partly completed buildings. If Turinvest simply file for bankruptcy where will that leave folks – all contracts (such as they are) could be voided and a new developer seek to renegotiate with investors – the ‘old’ money having long gone.
I would really urge whoever is driving this to ask searching questions and ensure they act for the majority before taking a course of action that is uncertain in outcome and today has no articulated game plan. Usually one starts these types of action as there is an end result which has been researched – such a result might be to force out before the hearing date a committed and demonstrably resourced plan to complete with executive backing. A simple ‘we’ve won at arbitration’ victory may well just move whatever is the next date back yet further as scarce cash gets spent on a legal defence not painting walls.
To Turinvest’s credit they are very close to completion (but it’s has been like that for many months now) – personally I feel with 10 decent workmen and about €20,000 I could finish off the buildings myself....that’s how close Block D is. It would really help if they could just start telling folks what they are doing rather than this perpetual wall of silence which in my view is fuelling investor unease grounded in so many previous failed delivery dates.
It would also help if there was some decent information as to exactly what is the buyer make-up in Block D – that will educate some decisions as it might not be quite as some think or might wish.


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 Post subject: Re: block D
PostPosted: Thu Apr 25, 2013 12:25 pm 
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I am afraid that I have to agree with most of what Mike says here.

I question NDR's commitment and there ability to perform any sort of litigation although I will reserve my judgment until I recieve the information pack. One thing I will remind readers is that NDR don't seem to have a clue here and why have they waited nearly 7 years to bring arbitration?? if they are now saying that the contract is hopelessly breached, why are they going to arbitration??? Surely the contract is null and void anyway and by going to arbitartion is both costly and unproductive and open to massive unreliable interpretation by unprofession arbitrators. The quicker most effective route would be in the European Courts. NDR also have an office in Sal less that 800 meters away from Djadsal. Is it too much to get them to walk over to Djadsal and see what is going on! or heaven forbid march the extra 200 meters to the Crioula and ask big Steph (who owns the Cruioula and Djadsal and about 40000 acres of prime land on sal) what the hell is going on?

Block D is close to a finish and assuming the hardware and furnishing are close to hand, then an investment of hardwork and a small injection of say 20,000 euro and we are done. I do not agree solely with Mike and there are funds that can be released into finishing the Djadsal. I am thinking of block E, The No 1 club, the dune buggies, the brewery, the land at Pedra da lune etc before we even think of the profits of the golden goose at the Crioula. What we need is a Court order stopping dissaptaion of those assets, until D is completed. I do believe we need to twist Turinvests arm here but I have no confidence in who is doing the twisting.

It is vital that we do not fall out amongst ourselves and perhaps the democratic and cvilised way to proceed would be away from this forum and get NDR to organise an investors meeting (at no cost to us) and to decide a plan and go with i :twisted: t.


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 Post subject: Re: block D
PostPosted: Thu Apr 25, 2013 12:26 pm 
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I also think this forum should be used for contact puposes only rather than battle plans.


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 Post subject: Re: block D
PostPosted: Thu Apr 25, 2013 12:48 pm 
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People are alive on this forum then!!!!!

Had to post that re NDR as i was beginning to think everyone had just given up.

Think we should all try to get over to Sal and start knocking on peoples doors.


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 Post subject: Re: block D
PostPosted: Mon Jun 03, 2013 12:09 pm 
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flyersnap wrote:
People are alive on this forum then!!!!!

Had to post that re NDR as i was beginning to think everyone had just given up.

Think we should all try to get over to Sal and start knocking on peoples doors.



Turinvest have once again gone very quiet. I have not had an e-mail responded to in 6 months. Totally intolerable. I am getting to the stage now where I will be asking the serious fraud squad and their Italian equivalent to look into this matter as quite frankly we are being taken for fools.


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 Post subject: Re: block D
PostPosted: Mon Jun 03, 2013 1:06 pm 
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I have just dropped them a note today on something else - I'll see if I get anything back. To be fair I have found a marked improvement of late as I think (within the resource limitations) they are trying to do their best.

A newsletter would be a great start - even if some times it is repetitive, at least we'd all have the comfort of knowing that Turinvest are sticking with this development.

Best wishes


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 Post subject: Re: block D
PostPosted: Mon Jun 03, 2013 1:29 pm 
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Mike & Louise wrote:
I have just dropped them a note today on something else - I'll see if I get anything back. To be fair I have found a marked improvement of late as I think (within the resource limitations) they are trying to do their best.

A newsletter would be a great start - even if some times it is repetitive, at least we'd all have the comfort of knowing that Turinvest are sticking with this development.

Best wishes


I think this is the problem with Turinvest. They play each hand differently. Some people, they will ignore, while others they will placate. Either way, our apartments are not getting built any quicker and patience and tempers are running short. We were promised at Easter a full report, this has not been forthcoming, not even wishing to recite the multitude of historic promises (or lies, depending on your point of view) that have been made by Turinvest, lines in the sand have to be drawn, as 2013 will come and go, pretty much the way 2007 did and 2008 and so on.

Pressure needs to be applied, a established consistent dialogue with more than a paid lacky has to be set up with Turinvest. Even , God forbid, perhaps putting a few workman on site. I am just concerned that very soon whatever one calls our contract with Turinvest may become statute barred in whatever jurisdiction it has governance.

No doubt Turinvest read this forum given that it does not bother with corresponding with e-mails and can we just have an update on your newsletter (last edition was May 2006) as Mike suggests?


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 Post subject: Re: block D
PostPosted: Mon Jun 10, 2013 9:02 am 
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Well, i for one have had enough, still no progress on Block D and no answers from Turin.

I'm initiating Arbitration proceedings against them.

The rest of you just sit on your backsides and continue to watch your investment fritter away.


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 Post subject: Re: block D
PostPosted: Wed Jun 19, 2013 6:47 pm 
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Hi

You've got my contact details - please feel free to contact off-line as I regret Turinvest have now gone quiet again on me - all a bit frustrating.

Best wishes


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 Post subject: Re: block D
PostPosted: Mon Jul 15, 2013 12:39 pm 
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Has anyone actually heard anything from Turinvest? Any updates? Any news?


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 Post subject: Re: block D
PostPosted: Wed Jul 17, 2013 5:54 pm 
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Joined: Mon Feb 05, 2007 9:42 pm
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Hi all
I arrived in Santa Maria last weekend for a couple of weeks holiday. It's exactly a year since I was here last and block D doesn't look any different.

I had a meeting with Antonio Cabral of Turinvest yesterday.
He had had a meeting that morning with some bankers and lawyers regarding the financing for the completion of block D. He told me he was very confident that the deal would be successful.
He thought it would be 2 to 4 months for the money to be in place and to arrange for work to start. Once started he estimated 6 months work to complete the block.
He also told me Turinvest are negotiating with Italian investors and tour operators to make block E into an apart-hotel.


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