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Dubai: Suspicion over allegedly missing investments in the Bonnington at Jumeirah Village project has now cleared up after further investigation shows investors have received their money back plus five per cent interest, following a Gulf News report.
Gulf News had reported on April 25 that Strategic Property Investment (SPI) had plans to develop two plots in the Bonnington Residence.
Mark Emlick and William Cowe, who both work for SPI, faced flak from worried investors as their deposits in the project appeared to have gone missing.
However, Mahmad Kashani-Akhavan, managing director of Bonnington in London, said, "The two plots have been cancelled because they [SPI] decided not to proceed with the project for whatever reason."
He said Bonnington only received reservation deposits for around 250 of the 900 apartments. "All investors have now received their money plus five per cent interest," he said
"We [Bonnington] are going to court regarding Jumeirah Village with Emlick, but it's nothing to do with the two plots," Kashani-Akhavan said.
Kashani-Akhavan said "as far as I know", no money had been taken by Emlick. He said he "couldn't comment" on William Cowe or whether any of the apartments had been resold.
Kashani-Akhavan said "as far as I know", no money had been taken by Emlick. He said he "couldn't comment" on William Cowe or whether any of the apartments had been resold.
Emlick, in a statement to Gulf News said that SPI are shareholders in two companies which own land in Jumeirah Village South.
"This land originally formed part of the Bonnington Residence project. Following a review of this project with Bonnington Group, the land will no longer form part of the development," said Emlick.
Emlick confirmed that any money paid directly to Bonnington has all been returned with interest.
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