Mauritius | Real Estate

April 19, 2013

A & A Marketing in Viewfinder of Police and FSC

More than 500 people have been waiting for years as real estate projects in which they have invested succeed. A & A Marketing, promoter, reassuring, while the police investigation and the FSC has appointed an administrator to put the order. -

Rs 1 billion is believed in. They make a great deal by investing in high-end real estate projects. They déchanteront quickly and now fear for their investment because they believe these projects will complete is not. More than 500 people are affected. Disgruntled buyers have complained to the central barracks.

On Wednesday, the Financial Services Commission (FSC) has suspended the licenses of Nirvi Management and Lotus Fund, companies that managed the funds of A & A Marketing. An administrator was appointed Thursday to restore order in Nirvi Management and Lotus Fund, which would "not act in the interest of customers."

A & A Marketing has made cottages, apartments and villas in the north. A first project, Société de Barachois de Melville, Grand Gaube, start in 2007. It has 49 apartments available at prices ranging between Rs 636,000 and Rs 936,000. The success was immediate. The buildings are selling like hotcakes. Two other projects are began, still in Grand Gaube. Sold a little more expensive, apartments are selling as well. Then things start to go wrong.

Eleven new projects emerge. Customers flock but the projects are not completed, the projects are abandoned. Customers should take possession of their property in 2010. They demanding explanations.

"I bought an apartment in the Residence Petit Village, St-Antoine. I had to be delivered in 2010. A quarter of the work is done, as I have already paid Rs 650,000 on the price of Rs 1.3 M. I do not know what to do, "one client said.

On the site, built some walls, that's all. No worker at work for months, says a resident of the district. "I am raising my child with an average salary. It was now or never to have my home. Today, I am indebted, "says the disillusioned client.

Ashvin has paid Rs 1.9 million to Rs 2.1 million for a property in Deep Blue Villas, Pereybere. "We were impressed by the projects of Grand Gaube. The contracts were signed, and for years, no progress. They say wait for Indian workers, or they evoke liquidity problems. Since I am unable to contact the editors, "says Ashvin. "I'm afraid that one day they declare bankruptcy and disappear into the woods."

A & A Marketing, denies any misdeal. But it is assumed that the delays very concerned customers. Director Gyan Kessewnath promises that projects are completed. "I reassure investors: we restart the projects, completed ¾. No fear about it. "The director says there for Rs 900 million unfinished projects and 613 units awaiting completion.

Gyan Kessewnath said: "Customers are owners of the land, there is no mortgage on these projects. We have nothing borrowed from the bank. People have a very low risk investment. A model used in many developing countries is applied and works ... "The Director shall assign these big delays for some people" who do not honor their commitments "and the date of obtaining the necessary permits.

The FSC would dot the i

"We do not give permits to persons or entities that offer higher yields than the actual investment. This, in a short period of time." This is indicated by the Financial Services Commission (FSC) in a statement. This follows the recent news. The institution wanted to dot the i. The FSC said that these plans offer so high that it can not be earned through legal means income. The public is advised to be cautious.

FSC appoints one

Since Thursday, Nirvi Management and Lotus Fund, controlled by members of the family Kessewnath, directors A & A Marketing, passed into the hands of an administrator appointed by the Financial Services Commission (FSC). The activities of the two entities have been suspended since Wednesday.

FSC accuses directors "not to act in the interest of investors." The administrator must bring order in the records and accounts. Decision was taken after the first severe warning issued by the FSC but was not respected. Gyan puts Kessewnath. "There is no fraud. The FSC said only that we have not adhered to certain aspects of the law, we do not deny. And our license was not revoked, but suspended. "According to him, the fund has about Rs 130 million. "We have only 12 to 15% of the money collected in this fund. I diversified investments. " 

 

 

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