Wednesday 23 June 2021

Investors in Costa Rica project to get two to four cents on the dollar

Investors who ploughed more than $1 million into a Costa Rica property scheme launched by David and Antoinette Bolden will get back about two to four cents on the dollar, according to the receivers.

rglo
David and Antoinette Bolden (Photo by Mark Tatem)

That’s more than they would get if EFG International Realty LP1, the limited partnership vehicle set up for the scheme, had unsecured creditors claims.

- Advertisement -

KPMG Advisory Limited, acting as agent for the Official Receiver, issued a call for unsecured creditors of the EFGIR estate in October, but received no responses by its November deadline.

“Following advertising for unsecured creditor claims in October, there were no such creditor claims submitted,” said Charles Thresh of KPMG Advisory Limited.

“Accordingly, after costs, the residual estate is available in full for distribution to the EFGIR investors. The next stage in the process is a formal call for claims by investors. This will be advertised shortly and, after expiry of a short notice period, a distribution will be made.

“Unfortunately, due to the limited assets available to the estate, the distribution is expected to be only two to four cents on the dollar to investors, depending on how many investors come forward and prove their claim.”

- Advertisement -

The scheme had about 35 investors.

Mr Bolden was president of the company and its affairs were organized by its general partner Emerald International Management Limited (EIML), a regulated financial firm owned by the couple.

The Emerald Group of Companies, including EIML, is being wound up by KPMG after the BMA took enforcement action in summer 2009 due to concerns about the firm’s liquidity.

KPMG’s latest report to identified EFGIR investors says that the company’s general ledger contained no financial data and a dedicated bank account for the scheme was not opened.

But KPMG determined that the total amount of money invested into the scheme by the 35 Limited Partners could be $1,417,442, of which $1,009,932 has been confirmed.

Subscriptions ranged from $25,000 to $150,000.

- Advertisement -

The Boldens were found guilty of misleading the BMA in relation to their Emerald Financial Group of Companies, by a Supreme Court jury in June last year. The couple could not be contacted for comment by press time.

Source: Royalgazette.com

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

[BLOG] Costa Rican Electric Company – General Maintenance Procedures

During my fifteen plus years of living in Costa Rica, I...

Heliport, Money and Weapons in Costa Rica

Following reports by residents of Las Asturias de Pococí about flyovers...

MOST READ

Flight paralysis from Canada hits Costa Rica’s tourism

QCOSTARICA - The paralysis of flights from Canada last January hit Costa Rica's tourism sector, as Canada was the second source market for tourists...

Nathalie Álvarez Mesén’s feature debut, Clara Sola, ready for the Cannes Directors’ Fortnight

Q ENTERTAINMENT (CINEUROPA) Nathalie Álvarez Mesén’s debut feature, Clara Sola, is ready to take part in this year’s Directors’ Fortnight at the Cannes Film...

OIJ investigation into road works corruption leads to inquiries in Panama

QCOSTARICA - The prestige of the company of some of the richest men in Costa Rica hangs by a thread. For many, the MECO...

Today’s Vehicle Restriction June 18: 9 & 0 CANNOT circulate

Today, Friday, June 18, vehicles with plates ending 9 & 0 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Today’s Covid News: Less than 800 new cases for the first time in two months

QCOSTARICA - For the first time in two months, less than 800 new cases of covid-19 in a single day were registered on June...

Pandemic reinforces the Costa Rica’s attractiveness as a global destination for wellness tourism

QCOSTARICA - The pandemic caused by Covid-19 fuels the strategy of positioning Costa Rica as a world destination to develop wellness tourism, since travelers...

Since 2018 MECO has received contracts from the State for more than ¢139 billion

QCOSTARICA - Almost ¢140 billion colones (US$227 million dollars) is the amount the MECO construction company was able to snare for public works contracts...

Informants assisted OIJ in corruption investigations, says the minister

QCOSTARICA - The investigation into alleged bribery of public officials in exchange for contracts for road works, received help from informants within the Consejo...

Tourism sector depends on political will for recovery

QCOSTARICA - The future of tourism operators in Costa Rica depends on the political will to approve a package of bills that favors the...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.