| edgeworth properties |
| Edgeworth Properties Investment Fraud Burlington, Ontario |
| 5th of Jul, 2011 by User648875 |
| In 2007, Edgeworth Properties took millions in investments from people in Malaysia, Singapore and the Phillipines. These investments were in so called undivided interests in land in Canada or called Land Banking. We were promised returns of 60, 80 or 100 per cent, depending on if the Area Structure Plans on these lands were approved during 2, 3 or 4 years. We were also promised to be furnished with land titles and a residual value insurance. We never received the land titles and was told later by their Country Manager of Malaysia, that the insurance was worthless. Along the years Edgeworth wrote many letters explaining their predicament in not being able to issue the land titles, such as they had to "split the land into parcels of 80 acres and less", and in february 2009, again explained that " subject to Foreign Ownership of Land Regulations, to issue land titles , they have to submit a plan for residential development for approval first", and then another letter by C Vaughn Minor (President) in 2010 promising 80 per cent returns payout on our investments in June 2011, therefore they would not be issuing the land titles as "title separation work and relevant processess, involving th Alberta Land Tiltles Office, is both time-consuming and ultimately redundant". We have never received land tiltes, we are issued with a worthless insurance, and now Edgeworth, through Donald Hurst, has written to us saying they cannot pay us the money due to hostile takeovers , some regulatory problems in Canada and slow sales, and threatening if the investors dont agree to new terms, Edgeworth will go bankrupt and the investors will lose. |
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| A petition sign by investors and hand to the Canadian Embassy would be a good start. Make sure the media is inform so that there will be press coverage. This will put some pressure for the embassy to act. |
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| Perhaps a petition signed by all investors and handed to the Canadian Embassy would be a good start. Make sure media and press are inform so that the embassy will be "motivated" to act. |
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| Perhaps a petition signed by all the investors and handed to the Canadian Embassy would be a good start to get things rolling. Make sure media and press are inform so that the embassy will be "motivated" to act. |
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| Where do you hide my coffin money, Edgeworth? Don't play play with others' coffin money!!! You don't like to sleep with nightmares, Edgeworth. Refund my coffin money!!! |
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| Where do you hide my coffin money, Edgeworth? Don't play play with others' coffin money!!! You don't like to sleep with nightmares, Edgeworth. Refund my coffin money!!! |
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corner the country manager. only then you will find the truth! he is a sly one and his answers changes on the question" how many did you invest?'
also, rumours has it he has his investment liquidated in 2008!. yes, he signed the cheque! no question asked. |
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corner the country manager, Mr Lee Kim Haw.
he is a sly one. ask him, how much he invest? his answer to this, always changes.
rumour has it that he has liquidated his in 2008.
he sign the cheques. so no question asked. no wait period to wait for and no approval needed. unlike all of us, he wins all the time... commissions and not an investor himself.
Mike Yap is another. he is the country's VP. he cannot NOT know anything. and he conveniently resigned. |
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Corner Lee. rumor has it that he has liquidated his unit in 2008. ask him how many he bought? the answer today will NOT be the same if you ask him again 3 weeks from today.
Mike Yap the VP is also NOT innocent and he conveniently resigned.
Don came without Minor. how convenient! so all questions regarding figures aren't answered.
crooks! |
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The Edgeworth VP and country manager were in KK yesterday. Apparently the twist now is that the mutual trust is out the window, and Donald is working to get an equity partner who has enough cash and then refund back our capital plus minus interest, and a plan and payment schedule would be made available 45 days from the 27th july should they succeed in getting a committed partner.
However the plan will fail if anyone plans a lawsuit as this will discourage any equity parties. And it is not known if any equity parties will take up all the projects, or just the ones with development plans done. Lots of uncertainties still.
In short, they have low cash flow(fraudulent or not), they have a total of 20 lots of land ( with mortgages on most), they have lots of lawsuit threats coming their way and they dint have a concrete plan yet.
It probably wise to wait for their plans and get them a timeframe.
Because they have lands under their name ( research done by the committee), all are not lost!
If the investors are not agreeable with their plan, a law suit can potentially recover some capital back depending on the land value and the lawyers fees. However any lawsuit launched will be tedious because it has to be done in canada and lawyers arent cheap there.
deflated. |
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Attended the recent investor mtg in Sgp and my take is that Donald and his Board of Directors are a bunch of crooks who have squandered or siphoned off the millions that they have taken from the Asian investors. Their lame proposal to convert our UDI holdings into some vague mutual trust fund looks like an attempt write off and wash their hands off all their contractual liabilities. I suspect that if the investors agree to the scheme, Edgeworth would be off the hook and investors would be left at the mercy of the new mutual fund managers.
Nevertheless, I would be interested to find out more details about their proposal if they are able to bring genuine, reputable professionals to present their detailed plans; that is if they have one.
In the meantime, there were more than 200 angry investors present at the Sgp mtg on Mon (and some more at the 2nd mtg the next day), whom I think should get together via an informal social network (email list, facebook etc) to exchange information and organise ourselves for possible class actions. Amongst us were some lawyers, seasoned investors, accountants and ex-managers who had helped to sell the Edgeworth products to their friends, relatives and colleagues. It would be helpful if they could step forward to help organise as we would have better chance and greater strength in numbers. |
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| Hi. I attended the first meeting in Singapore. However heard that on second night they were proposing to pay back all the investors plus a nominal interest. This proposal is different from that on 1st night. Guess the sudden change is due to Donald want to calm down the investors as the atmosphere in first night was really very tense. Persons who questioned during the Q&A session are mostly ex or existing staffs of the company. They are so concerned and be spokepersons for us as they are also investors. Till date my view is neither the first or the second proposal is confirmed. Hence I advise all to keep in frequent contact with your Edgeworth consultant to get update on the development of the matter. |
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| Hi. I attended the first meeting in Singapore. However heard that on second night they were proposing to pay back all the investors plus a nominal interest. This proposal is different from that on 1st night. Guess the sudden change is due to Donald want to calm down the investors as the atmosphere in first night was really very tense. Persons who questioned during the Q&A session are mostly ex or existing staffs of the company. They are so concerned and be spokepersons for us as they are also investors. Till date my view is neither the first or the second proposal is confirmed. Hence I advise all to keep in frequent contact with your Edgeworth consultant to get update on the development of the matter. |
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| Hi. I attended the first meeting in Singapore. However heard that on second night they were proposing to pay back all the investors plus a nominal interest. This proposal is different from that on 1st night. Guess the sudden change is due to Donald want to calm down the investors as the atmosphere in first night was really very tense. Persons who questioned during the Q&A session are mostly ex or existing staffs of the company. They are so concerned and be spokepersons for us as they are also investors. Till date my view is neither the first or the second proposal is confirmed. Hence I advise all to keep in frequent contact with your Edgeworth consultant to get update on the development of the matter. |
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| Hi. I attended the first meeting in Singapore. However heard that on second night they were proposing to pay back all the investors plus a nominal interest. This proposal is different from that on 1st night. Guess the sudden change is due to Donald want to calm down the investors as the atmosphere in first night was really very tense. Persons who questioned during the Q&A session are mostly ex or existing staffs of the company. They are so concerned and be spokepersons for us as they are also investors. Till date my view is neither the first or the second proposal is confirmed. Hence I advise all to keep in frequent contact with your Edgeworth consultant to get update on the development of the matter. |
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| Hi. I attended the first meeting in Singapore. However heard that on second night they were proposing to pay back all the investors plus a nominal interest. This proposal is different from that on 1st night. Guess the sudden change is due to Donald want to calm down the investors as the atmosphere in first night was really very tense. Persons who questioned during the Q&A session are mostly ex or existing staffs of the company. They are so concerned and be spokepersons for us as they are also investors. Till date my view is neither the first or the second proposal is confirmed. Hence I advise all to keep in frequent contact with your Edgeworth consultant to get update on the development of the matter. |
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| What is the latest on EP so far? Anybody got things to share? |
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| Can anyone explain how Mutual Funds work for landbanking products? |
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| Received a letter from Edgeworth that they are considering returning us our capital cost plus some interest. I am wondering why they are able to fork out the money now. I still feel that its a scam, a planned scam . They set up the company in Singapore in 2007. Now, its coming to 5th year when the first piece of land is going to exit, we are told that the company is facing problem. Its so coincident. |
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What is the latest on Edgeworth Properties proposal?
Any updates so far? |
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Read the latest from the company:
http://edgeworth.com/wp-content/uploads/2011/08/Announcement-Letter-.pdf
and then do a search on the Gemlon brothers and NIR Group
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65890919#
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54833510
It looks like it is going from very bad to dire |
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