GPD DEVELOPMENTS LLC/SVP LEE/ STUART WIGGINS STEER CLEAR FROM THESE THEIVES /CONMEN /RIP OFF 100,S OF INVESTORS DUBAI/UK, Nationwide

Lee,

I spoke to you many times over the phone, at that point I really used to believe what you told me and I subsequently visited your offices in Emaar Square whilst I was doing business in Dubai

Very nice story you write about why you are not refunding people's deposit.

Before i find enough time to file my own independent report on you and your ways of working, can you explain why you renegade on paying me back the over paid deposit as you promised in an installment letter you issued me back in 2010 October.

I am sure you will remember who I am when I say I paid 50% deposit instead of 30%, after long negotiations in your dubai office we agreed four installments of 5% every month until I received the 20% I overpaid.  So why did you stop to continue to payment after just two installment?  Was there another downturn after the first two months or you just decided not to honour yet another promise.

Dont even get me started on the consolidation deals you are your Dubai partners were peddling back in 2010?  I assessed them properly and you must just really think you were dealing with fools who cant differentiate their right from their left...some of your so called consilidation partner were even trying to sell me property in Brazil. 

This fight will not go away, so I hope you are ready for the long haul.  I might find time to come after you tomorrow or it might take me 10 years from now, but be assured that this fight is here to stay, until you make good. 

I look forward to your response on why you failed to honour the agreement we had on return my overpaid deposit.

I paid GPD 18k as a deposit for an apartment which was never delivered as per the contract!!!

The money was supposed to be held in an Escrow account but apparently there is no money left!!!

I have had no response to any of my letters or correspondence over the past 2 years, including my refund request!!!

GPD decided to change the payment plans incommensurate with the signed contracts and even used threatening tactics claiming that if investors didnt meet their buying obligations they would risk being arrested upon travelling through or to the UAE!!!

GPD finally seemed to wash their hands of investors by claiming that they had passed the development onto another company and that all investors should send subsequent cotrrespondence to them. No details of the new company were disclosed!!!

Their CEO Lee Wiggins has cited the economic downturn as the reason for GPD not fulfilling their contractual obligations and some investors have been told that there is no money for refunds, even though he was in a financial position to sponsor a golf tournament!!!

We, the beleagered investors just want what we are contractually entitled to...our money back!!!

lee ,all smoke and mirrors

lee a contract is a contract ,you have broken it  full stop

investors are not obliged to enter into new payment plans or other inverstments

we are legaly entitled to a full refund end of,stop distracting from this one fact 

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lee go to the other reports and tell them why you are refusing to honour  contracts 
 why would anyone re invest with a man that clearly has no regard for contracts and agreements !
                      
amanda  

Attached RERA approved payment plan.

What do you call a person who takes money ,does not supply the goods and will not give money back ,normally a thief or a crook ,how is this any different .

Answer

Amanda to commit fraud as you suggest one would have to benefit from the fraud. If you read my previous response you will see that GPD actually only received 13,000 from your investment. The cost of the plot, the design fees, annual RERA fees, administration actually cost a lot more than was actually received. Therefore how could GPD/myself benefit by fraud as you say. These plots are showing a loss on our books.

Fact 1

lee you forget we had a contract that both parties entered into ,this Cleary states if you do not deliver the said apartments you are obliged to refund our deposits in full which you clearly have not done ,these contracts had strict timescales to which you have ignored You have had our money since 2007, you have had 6 years

Answer

In 2007 there were no escrow accounts. In 2008 GPD self audited and became fully escrow compliant with RERA. The contract was structured at a time when the market was in good shape. If you read my previous rebuttal it clearly states we had an agreement with a contractor to deliver the projects. This was broken due to them not getting a licence in Dubai. Then the economic downturn came and the whole fabric of the Dubai economy changed. You cannot just ignore this. We have tried to do what we could as a company but not all could be satisfied. I understand no one likes to loose money. GPD had an 85% of their contracted clients bounce cheques on completion of Empire Heights. GPD invested millions of dollars into Meydan. We had full plans approved and had an escrow set up. Despite this the project has been shelved by Meydan and our funds seemingly lost. Clients who went ahead and transferred into alternative apartments from International City have seen a significant uplift in there investment.

Fact 2 Your apartments were sold as a safe investment because our money was safe in an escrow and should you not build we was protected, you sold these apartments on this basis

Answer

Amanda you purchased from a third party which I believe was a telesales company. In 2007 there was no escrow. Despite this we did as I mentioned previously self audit. You are contradicting yourself here. The very nature of an escrow account is a protected account to make sure all funds released are invested correctly and this is the case with GPD. RERA allow funds to be paid for land payments, sales, professional fees and legal fees. You cannot steal funds from an escrow therefor.

Fact 3

we was offered turnkey apartments, you went back on this as well

Answer

Have dealt with this previously.

Fact 4

we was offered end user finance, again did not materialise

Answer

I find this amazing considering you have cropped and cut and pasted a picture of me shaking hands with a senior official of Dubai Islamic Bank signing a contract to provide end user and construction finance for International City. This as mentioned was withdrawn when the Dubai Government defaulted on there debt obligations. In fact all finance within Dubai was cancelled and for the majority still is. I also add that any finance agreement is subject to the client meeting the criteria.

Fact 5

the agents fees you are talking about is not true ,I have documentation called a reservation contract showing 18000 deposit ,2000 pounds as an initial deposit and 16000 paid directly to you ,whatever arrangement you had with an agent is nothing to do with me

Answer

Amanda you paid the agent 2000 over the phone. You sent GPD 16,000. The sales agent invoiced GPD for another 3000. This is fact and not as you say a lie.

Fact 6 you promised a 10 per cent guaranteed rental return, again you went back on

Answer

Actually when the reservation contracts where replaced with the PSA the majority of clients refused to sign the rental guarantee offered by the SPV developing the project. This was because the rents were substantially higher at the time than the percentage of the purchase price.

Fact 7 you have not offered anything comparable with what we was sold ,having floor space instead of a turnkey apartment with garented rent is not what we brought Why on earth would anyone part with more money when you do not honer agreements and contracts?

Answer

Clients have been offered good quality apartments and as previously mentioned made good rents and healthy uplifts in purchase price.

Fact 8

you have failed to mention that you have cancelled your own projects without informing your investors, you fail to notify your new office address to your investors, and you dont answer your phone and ignore emails from your investors

Answer

Up until recently GPD have been trying to resolve this issue to the best of its ability. This obviously doesn't appeal to everyone. Since completing Empire Heights it was only financially sensible to locate to the building. We still have contact by email which works better. In the current financial market GPD does not have the funding to deliver the buildings. The RERA approved payment plan was a good solution which protected the clients and showed their true commitment. We have now managed to find investors who will take over the projects and deliver them. We have just transferred our first plot and the new owner will write to the clients informing them that they will now be in a position to deliver their apartment. We are in discussion with various other parties to transfer the remaining plots.

Fact 9 I contacted rera about new payment plan, they wouldnt comment

Answer

I'm sure you have seen the RERA approved payment plan. I will upload it otherwise. Amanda 100's of developers have taken much more than the deposit taken by GPD and just disappeared. We have not. I'm afraid you are going to have to accept that the market has unfortunately contributed to this situation. Your character assassination of myself doesn't help anyone. I actually have been working with the same team for over 30 years. We were in the foreign exchange markets and only worked at one financial institution for all our careers which lasted over 20 years. We are normal people just like you who have been hurt by the down turn of the property market in Dubai. As for companies we use a company to do a project. I don't set up companies take people's money and run as you are suggesting. You have no evidence of this so please don't make comments which are not true.

Again your comment about pounds to AEDs is simple. When we sold there was no RERA. When we registered we had to register in AEDs. It was a requirement.

Amanda to build property on Dubai you need to be a Dubai company. So again your comment you believed it was a UK company could not be true. If you look deep into yourself you know this whole situation has been caused by the property collapse in Dubai.

GPD does not have the finance to repay everyone as you say. The investment was made and GPD has invested more that was taken in deposits.

We are bringing in fresh investors with fresh money to deliver the buildings. One has already been transferred. You can pay by the RERA approved payment plan. The only other option would be to liquidate the plot and pay the investors pro rata. The companies at this stage are not financially sound and cannot offer any other solutions.

GPD has been seriously hurt financially by the economic downturn in Dubai.

Dear lee
 
What do you call a person who takes money ,does not supply the goods and will not give money back ,normally a thief or a crook ,how is this any different
 
Fact 1     lee you forget we had a contract that both parties entered into ,this Cleary states if you do not deliver the said apartments you are obliged to refund our deposits in full which you clearly have not done ,these contracts had strict timescales to which you have ignored
You have had our money since 2007, you have had 6 years
 
Fact 2   Your apartments were sold as a safe investment because our money was safe in an escrow and should you not build we was protected, you sold these apartments on this basis
 
Fact   3    we was offered turnkey apartments, you went back on this as well
 
Fact   4      we was offered end user finance, again did not materialise 
 
Fact   5      the agents fees you are talking about is not true ,I have documentation called a reservation contract showing 18000 deposit ,2000 pounds as an initial deposit and 16000 paid directly to you ,whatever arrangement you had with an agent is nothing to do with me
 
Fact 6   you promised a 10 per cent guaranteed rental return, again you went back on
 
Fact  7   you have not offered anything comparable with what we was sold ,having floor space instead of a turnkey apartment with garented rent  is not what we brought
Why on earth would anyone part with more money when you do not honer agreements and contracts?  
 
Fact   8     you have failed to mention that you have cancelled your own projects without informing your investors, you fail to notify your new office address to your investors, and you dont answer your phone and ignore emails from your investors
 
Fact 9   I contacted rera about new payment plan, they wouldnt comment
 
 Lee , we are not talking a few investors ,I am in touch with over 100 investors that have all experienced the same ,try telling your sorry excuse to the investors that are about to lose their houses  
 
Lee on behalf of All those investors issue them with another payment plan to give them their money back and if you really want to do something constructive I will arrange for you to meet all those investors or myself with a few others to represent those 100 investors
 
One thing for sure we will not go away and will get justice, you keep blaming the recession or maybe theres a reason that you have dissolved over 7 companies and have recently started another, Ill leave that for the imagination why that is
 
Maybe lee you should take responsibility for what you have done ,stop blaming the recession and try to put it right ,after all if we are a mere few then it shouldnt be a problem
 
A contract is a contract it clearly states you are to refund investors if you have not delivered within a timescale, you made the contract not me, I have honoured my side you havent
 
Ask yourself this ,would these investors invested their hard earned cash if they didnt think their money was safe in an escrow ,if they wasnt turnkey apartments ,if they wasnt getting end user finance etc. ,I suspect not
On this basis you have not only not honoured your contract you have miss sold these apartments
 
I also note you say you sold my apartment for pounds, this again was changed to AED when our contracts came through which means we was paying a lot more for our apartment, so im glad you admit you sold to us in pounds as we and many others feel miss lead in this area as well and I believe some investors didnt sign this contract because of this
 
We also brought from a UK company thinking if there was a problem we had UK laws protecting us, after getting our money you shut down your UK based office and moved it to Dubai
 
All I can suggest is I set up a meeting and you can come along and talk to the investors concerned and try to resolve this sooner rather than later
 
Amanda   

Dear Amanda

I would like the opportunity to reply to your unfounded allegations regarding your 18,000 investment in International City Dubai. GPDs position is as follows:
 1. In March 2007 you purchased a one bedroom apartment in Park Lane for 60,000. The agent was paid a 2000 arrangement fee by yourself. The agent was due a further 3000.00 arrangement fee that meant that to date GPD has received 13,000.00 from you in respect of the property.

 2. The plots were received from the master developer in the middle of 2008 and GPD agreed a construction contract with a contractor to build all six plots. For reasons not within GPDs control (namely the global recession) the Dubai Government refused to licence the Contractor. Subsequently the events of 2009 in Dubai meant that the property market collapsed and GPD was unable to secure funding to cover the construction of its projects (including the apartments at Park Lane).

3. Since this time, GPD has been engaging with all of its clients in order to ensure the delivery of the outstanding plots. One of the options available to GPDs clients is a payment plan whereby they pay in small instalments over the period of contstruction in order to fund the build. The payment plan is agreed with RERA and would use a RERA compliant escrow account. In March 2007 the laws in Dubai were different and there was no requirement to use escrow accounts for property sales. We have since offered you and all our clients this payment plan supported by RERA with a 20% discount on purchase price.

4. GPD has also entered into an agreement with another developer who has purchased a number of units at heavily discounted prices in the other better developed locations in Dubai with full credit for any deposits paid by GPDs clients. This was very positive and many clients took this option. GPD has also set up a fraction ownership scheme for office space in our flagship development Emipire Heights which some of GPDs clients have entered into.
 
4. GPD still has an office and presence in Dubai today and it is committed to delivering the remaining properties in accordance with the approved RERA payment plan. Your claims of fraud against us are incorrect. The market has changed due to the economic downturn which seriously affected Dubai. Many developments have been cancelled with clients loosing all there funds. GPD delivered two towers. GPD has tried to resolve problems with International City clients but it is quite obvious some only want their deposit returned and have no commitment to purchase property in Dubai. For these few we cannot see any resolution as all funds have been invested into the projects which are fully audited. GPD cannot be held responsible for the economic downturn

Dear Amanda I would like the opportunity to reply to your unfounded allegations regarding your 18,000 investment in International City Dubai. GPDs position is as follows:

1. In March 2007 you purchased a one bedroom apartment in Park Lane for 60,000. The agent was paid a 2000 arrangement fee by yourself. The agent was due a further 3000.00 arrangement fee that meant that to date GPD has received 13,000.00 from you in respect of the property.

2. The plots were received from the master developer in the middle of 2008 and GPD agreed a construction contract with a contractor to build all six plots. For reasons not within GPDs control (namely the global recession) the Dubai Government refused to licence the Contractor. Subsequently the events of 2009 in Dubai meant that the property market collapsed and GPD was unable to secure funding to cover the construction of its projects (including the apartments at Park Lane).

3. Since this time, GPD has been engaging with all of its clients in order to ensure the delivery of the outstanding plots. One of the options available to GPDs clients is a payment plan whereby they pay in small instalments over the period of contstruction in order to fund the build. The payment plan is agreed with RERA and would use a RERA compliant escrow account. In March 2007 the laws in Dubai were different and there was no requirement to use escrow accounts for property sales. We have since offered you and all our clients this payment plan supported by RERA with a 20% discount on purchase price.

4. GPD has also entered into an agreement with another developer who has purchased a number of units at heavily discounted prices in the other better developed locations in Dubai with full credit for any deposits paid by GPDs clients. This was very positive and many clients took this option. GPD has also set up a fraction ownership scheme for office space in our flagship development Emipire Heights which some of GPDs clients have entered into.

4. GPD still has an office and presence in Dubai today and it is committed to delivering the remaining properties in accordance with the approved RERA payment plan. Your claims of fraud against us are incorrect. The market has changed due to the economic downturn which seriously affected Dubai. Many developments have been cancelled with clients loosing all there funds. GPD delivered two towers. GPD has tried to resolve problems with International City clients but it is quite obvious some only want their deposit returned and have no commitment to purchase property in Dubai. For these few we cannot see any resolution as all funds have been invested into the projects which are fully audited. GPD cannot be held responsible for the economic downturn.

here is a nce photo for all to see what this con man looks like ,steer clear from buying from this man 

this report is about a company called gpd investments ,gpd developments  was printed in error ,will refile in correct name ,this report is in no way connected with gpd developments                  thankyou