What’s going on now?

This topic contains 242 replies, has 22 voices, and was last updated by  george 9 years, 5 months ago.

  • Post
    george
    Member

    Oh, and, investors are being asked to pay their future stage payments to a Swiss bank account in the name of Cape Verde Land and Holdings with an address in the British Virgin Islands. The resort is under the name of Sambala Developments but contracts are under the name of Jonathon Grepne who officially lives in Monaco.

    Did anyone follow that?

Viewing 15 replies - 1 through 15 (of 242 total)
  • Replies
    george
    Member

    What happened to the IPO promises? During the Vivendas IPO Dominic stated that they would only build group by group and would not build for those that were refusing to pay up any more money. Villas 24-41 were to be further down the line I believe because IPO take up was very low for it (this was admitted by client services themselves so I hear). Now they are building foundations for ALL villas as well as other groups and for people who are refusing to pay up because they have recently entered into formal contractual dispute. Seems they are building ALL villa foundations in a oner regardless of who is paying or when. So are IPO funds that were to be spent on the properties of those that paid up now being spent elsewhere? Group 6 investors weren’t even asked for their IPO money yet as far as I know although I may be wrong. Someone please correct me if so.

    As foundation construction costs a small fraction of the related stage payment is this purely a quick and easy cash generating exercise? Some will say its positive that construction has started again but will these foundations sit there with nothing erected on them like apt block C has for the past 3 to 4 years? With their limited cashflow, why aren’t they building to completion in small groups.

    TSOG were instrumental in getting all on board the Vivendas IPO. What would they have to say about all this I wonder? Neither Sambala or TSOG have advised investors of this change in strategy and seemingly breach of IPO promises.

    karlking
    Member

    George! that’s what I was saying, there are 2 separate entities surrounding Sambala! The Land, and the Development, 2 separate companies!

    George, you are a member of TSOG so why dont you ask them {Sambala)
    Diver

    glynman
    Member

    All these negative comments. Has anyone actually spoken to Sambala and got a comment.

    Its pointless to just post negative comments unless sambala refuse to answer questions put to them.

    If you speak to them and don’t get a positive answer then by all means post on here but speculation helps no one.

    Bring me sunshine

    george
    Member

    What’s the point in asking Sambala? You never get an honest answer.

    I know of an investor that recently asked a senior Sambala staff member about the build plan for Vivendas and the reply was “I don’t know. The Bowdon Group are managing that”. You couldn’t make it up.

    For the avoidance of doubt, my questions on here are rhetorical.

    sherpy
    Member

    George.
    Acknowledging your comments regarding honest answers in your last post.
    Are you hoping the forum members will answer these rhetorical questions for you?. I don’t think they are in the position to.
    You have rightly crossed swords with Sambala execs before on other issues, and were granted an “audience” or opportunity to speak by telephone to sort these out.
    Taking on Diver and Glynmans posts.Does it not make better sense, that rather than throw a hand grenade into the forum, you email the execs or ring them, get the answers or not, then come back on with what you have been told or not been told as the case may be?.

    smiffy
    Member

    Lets just give it a little while to see what happens. I understand the need to question Sambala’s actions, but at least some activity is at last happening and a different reputable team is handling the build.

    http://www.youtube.com/watch?v=WlBiLNN1NhQ

    sherpy
    Member

    Agree with you Smiffy. Sambala are also due to issue a statement this week too.

    karlking
    Member

    Sherpy, you said you would ask the question of the NEW foundations on the other thread, Have you? have you asked them yet if the 6 new foundations promised by Christmas are in fact laid yet?
    I did, and the reply was “there have been more than 6 foundations laid on the VS site” I replied, you’ve not answered the question, I’ll re-phase it, has the NEW, promised foundations been laid by the new builder yet? The reply I got was, “As I’ve already said, there are now more than 6 foundations on the VS site” So you can see, you’re never going to find out anything by asking anyone at sambala!
    You guy’s that keep banging on about Asking Sambala rather than putting it in here, really need to get a grip on the reality of the issues here! What are you afraid of? This platform is the only way some get to know what is going on, on the development and off it. I had hoped the few now still promoting the sambala script would at least see some sense. As Karl said, preach in the friends forum, although your audience in there is getting slim now!
    I’m not just picking on Sherpy here either, I would have thought he would have a better understanding of the situation as being a financial advisor, I only hope he’s not giving advice on financial investments, taking the same laid back attitude as he is with sambala, as if so, he’ll have some pretty angry clients! Smell the coffee, or does the FACT that monies are now being moved into a new sambala account not bother you? What’s their next step, or is that too easy? Or should everyone “JUST WAIT AND SEE” for yet another year!
    Remember guy’s you don’t have to reply to this “rubbish” other investors write about, keep dreaming.

    sherpy
    Member

    Karlking.
    You are back to raising what I do for a living. Is that important to you or relevant to the forum?.
    Is it not about time you lay back on a couch and chilled for a little while. You seem to have your head stuck somewhere that is not natural and getting carried away with your own importance.
    Not that I am accountable to you, but yes, 6 new foundations have been laid and another 6 are being as I write. I did not want to write this on the forum, preferring to have a week away, for the very reasons highlighted in your last post.

    greengrass
    Member

    Hi there, New Member to this forum. Agree fully with George and it looks like Sambala are now using Bowdon as their Scapegoat, in so far as Sambala are now saying that their post IPO schedule can not be enforced as Bowdon are now in control of the build…what a joke!
    As usual no one at Sambala is in charge, just keep taking the big pay cheques out of the investors cash.

    sherpy
    Member

    Can I ask those of you reading this section of the forum who are actually Sambala investors to do something when you get a minute.
    Can you look back into your Sambala file and see who you paid deposits to previously. I am talking about from 2005 onwards.
    The 2 accounts mentioned by George are the same accounts that I paid into over 4 years ago and are not newly opened.
    Apologies if I am missing something here George. If so, please correct or explain what company name and bank location has changed from a number of years ago.
    Thank you

    sean quinn
    Member

    I asked Mandy to comment on the issues raised, please see the reply below regarding the build

    The IPO was developed using a build schedule we were given by SGL, our contractor for SV and VDS Infrastructure at that time. As you are aware, we are now in contract with a new contractor, The Bowdon Group, who have been doing their best to follow the objectives we have set them which is primarily to get build underway as quickly as possible and to complete Vivendas as quickly as possible, whilst also ensuring continuity of the quality of the work. They mobilised very quickly and in order to get work underway quickly they advised that they would be able to get underway with Foundations for the Villas very quickly and throughout the tender process they also made it clear that the groups which SGL had formed for the IPO did not make sense for their build. They have asked us for a couple of months to get to understand the terrain and the many issues that we know it brings in order that the build schedule they produce, they are 100% comfortable to deliver to.
    We understand that this causes some issues with investors who were not expecting to receive notices and indeed we were not able to give 60 day notices to as the contract with Bowdons was signed on the 5th December and they started work the same day. We are working closely with those investors to ensure they are given the time to arrange for funds to be made available.
    However it was a decision which needed to be taken as we were not going to delay the start of build again because we were unable to give 60 day notices and having spoken to all of the investors involved the majority are extremely understanding of the situation.

    And with regard to the accounts
    The Sambala Bank Accounts have always been the same and belong to Jonathan Grepne with Credit Suisse. The funds transferred are used to make numerous payments both in Cape Verde, UK and in Europe, and getting monies moved around in Cape Verde is not easy, therefore the accounts have always been with Credit Suisse to allow for this.

    sean quinn

    sherpy
    Member

    Thank you for posting Sean.

    sean quinn
    Member

    and with regards to ownership…

    The resort and the land is owned by ‘Sambala Investimentos S.I’ which is set up in Cape Verde law as a “sociedade unipessoal” meaning it has only one owner and director, which is Jonathan Grepne.

    sean quinn

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