Cape Verde investment recovered after construction falls behind

Last week saw the successful resolution by Judicare of a problematic overseas investment and the return of the client’s deposit plus interest of over €40,000.

The specialists in investment recovery resolved a dispute between a UK buyer, Mr. Powell, and a development in Cape Verde. Following Powell’s investment in 2008 in a two-bedroom apartment, the construction of the Cape Verde development fell behind schedule, defaulting on the purchase agreement.

"The completion of the construction was written in the contract to be 2010 with a 180 days grace period," explains Powell. “It became obvious that the completion date and grace period was going to elapse. Despite this I was still being asked to meet my payment stages and felt that this was unfair.

"I could not understand how they could change their part of the agreement, but I still was being put under a lot of pressure to meet my payments even though completion of my apartment wasn’t going to be 2013."

After paying out £34,000, Powell contacted the Law Society, before contacting Judicare, who agreed to help resolve the dispute, negotiating a settlement of Powell’s full investment plus interest.

The Cape Verde recovery has been followed by two other resolutions in favour of investors, with €60,000 returned to buyers affected by problematic Spanish developments.

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