As an appointed representative to Greyfriars Asset Management LLP, Best Asset Management marketed investments in Dubai based car parking spaces via a self-invested personal pension (SIPP).
The company was also acting as a type of administrative service provider for a number of entities based out in the United Arab Emirates (UAE) regarding the sale and management of a range of car parking spaces.
Poor Returns
The initial contracts signed by investors were for five years although it wasn’t long before the rental income that had been guaranteed failed to materialise, thus breaching the contracts.
Then in February 2017, investors has an update that explained in order to protect their interests, three of the companies within the TPS Group has gone into administration. This included ABC Prop Co Holdings Limited, CP Investments Holdings Limited, and Investments UK Limited. As a result, the assets of these companies were taken control of by the administrators and their agents, FHP Property Consultants, to handle.
Unfortunately, though, the price of the investment in the SIPP did not change and so investors were led to think that their investments remained safe.
Car Park Assets
Investors began to get suspicious at the point when Best Asset Management Ltd stated how they were making plans for a car park owners association (CPOA) to be set up. This was sold as being for the benefit of car park owners in the city of Dubai.
The idea was to bring everyone together in a way that was collaborative, to pursue an objective that was completely mutual, and to rectify any problems there were regarding car park assets.
The company made out like they were totally committed to the benefits achieved being made available to the investors and owners that had been directly affected.
Investors were asked to sign paperwork that included a Deed of Settlement which agreed to work with one another in order to solve any issues pertaining to the operation of Car Park Assets. To facilitate this it was necessary to share information, resources, and knowledge; and agree to settle disputes and/or claims in the future that could rise between them.
Each party was made to agree that they would not sue the other, and whilst doing this they also signed away their right to claim compensation in the future.
Claims For Compensation
It is often the case that companies appear to look after the interests of their clients to avoid compensation claims being made against them as their operating losses remain hidden. Investors have not yet received the interest payments they were promised but they still do hold out hope that their initial deposits will be refunded back to them at some point.
For anyone that has invested in this, it is important that you have the transactions reviewed by a professional prior to running out of time. This is because time-barring rules are in operation.
If it is found that the company involved failed to stick to the required regulations and rules, then you may be able to apply for compensation.
If it is the case that you have dealt with Horizon Property, Best Asset Management, Citadel Tower Best Car Parks, Churchill Towers in Dubai, The Property Store, or any of the companies mentioned above, then please reach out to us immediately so we can look over your investment.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
