According to the Evening Standard, the administrators of MJS Capital (aka Colarb) believe that CEO Shaun Prince has overstated its assets by £20 million.
Liquidator Asher Miller of David Rubin & Partners has written a report to creditors saying Colarb’s balance sheet cites assets of £39.7 million, of which Prince had said £27.7 million could be realised. However, the report says Prince’s figure appeared to be “overstated by £20 million or more” based on earlier documents signed by Prince and MJS’s two biggest portfolio companies.
The biggest alleged overstatement was in the case of money invested with a Dubai firm called Angel World, where the £26 million valuation on the Colarb balance sheet was written as being worth only £5.3 million.
CEO Shaun Prince blames the discrepancy on MJS Capital being put into liquidation, as a result of being unable to pay its debts to bondholders.
What the liquidation has to do with the discrepancy is unclear. Any administrator would have been free to let MJS Capital’s investments run their course if there was a realistic chance of getting a 400% return as a result.Prince has previously told the Evening Standard that MJS Capital took in c. £30 million from investors.
The administrators’ report is not yet on Companies House but we’ll bring you more when we have sight of it.
Overvalued? surprise surprise! i also believe Blackmore – both the unregulated offshore collective – Blackmore Global – and the Bond, are also overvalued. The former we’ll probably never know – it’s never been audited. Both, in my opinion, are going to end in tears for investors even though I have written loads about the offshore unregulated collective and its owners & so did the BBC News, investors, like ostrich’s, seem to have ignored it. Reason unknown. But when these ‘go down’ I will say “I told you so”.
Shaun Prince will be ‘going down’ mark my words. Prison.
@TVP. Sorry to disapoint, but prison is as unlikely as victims getting their money back.
Stephen Ward – the mastermind behind the Ark scam almost a decade ago – is still free, spending his ill gotten gains on properties in Florida!!
Scamming is Low risk, High gain for scammers because the authorities are weak & wholly ineffective. In fact bondreview recently reported how Action Fraud call centre refer to victims as ‘morons’ https://bondreview.co.uk/2019/08/20/action-fraud-call-handlers-call-fraud-victims-morons-and-file-most-reports-as-non-crimes/
Prison is not going to happen. More likely is Prince starts another company and does it all again!!! I would wager a lot on this!
i have made it one of my life’s goals to see Shaun Prince charged, i can’t go into details, but trust me we are getting closer. there is a lot happening behind the scenes.
David Lloyd Developments also has James Holmes involved, ex Merchant Capital. His hand has been on a few bond deals of late, all have blown up (Holmes Properties was one I think).
David Lloyd Developments must think investors are fools they are now re branded as Summit @ Peak, the same scam the same people. Summit Resorts and Developments Limited are David Lloyd Developments. I forced them to repay my money after the FCA warnings and reading these messages. Avoid Summit @ Peak and Summit Resorts and Developments like the plague.
Mark Hutchins , Adam Smith , Luke Fagence are all going to Jail currently the Met police are conducting a massive investigation into the three of them… they are starting at an estate in wentworth apparently a dwelling of there’s!
Following the investigation prison will be waiting. Then that will be where there lives will gladly come to an end so don’t worry people every dog gets there day 100%.
HAPPY READING.
I see some of the old sales team from David Lloyd Developments, Alex Hagan and William Beavers seem to have set up The Property Block and are selling bonds there. The gall of these people is unbelievable.
It looks like the Mirror have got onto them but they still seem to be trading https://www.mirror.co.uk/news/property-investment-company-refuses-say-23140096
We are looking into the role of Luke Fagence in a number of scams, the most recent of which is Summit Resorts and Developments Ltd. Any information will be gratefully received.