Investors will, however, not get a refund of their entire investment. “Investors will get a lot less than what they invested...probably 2-3 pence to £1 invested,” Porter said. “We are still working out the refund scheme.”
Few investors from India have got in touch with Deloitte, said Porter. “The records of UKLI are not accurate...some of the addresses of investors are not updated though we have got most of them.”
“It will be necessary for the company’s secured debts to be settled in full, and for preferential claims such as those of employees to be paid, before any distribution of funds can be made to unsecured creditors and investors,” said Keily Hedger, who is dealing with investor queries at Deloitte’s UK office. “It is expected that there will be a small dividend paid to unsecured creditors of the company. However, it remains to be proved that the investors of the company are true creditors. This matter will be addressed when we have the funds to do so.”
UKLI has, meanwhile, shifted base. It is now called UK Land Investments International (UKLII) and has offices in Dubai and Saudi Arabia. “UKLII is solely for international clients based in the GCC (Gulf Cooperation Council), Middle East, Canada and Asia,” says the company’s website (Uklii.com). “The products of UK Land Investments International are not to be marketed to persons in the UK or the USA and as such does not fall under the jurisdiction of FSA, OSC (Ontario Securities Commission) or SEC (Securities and Exchange Commission),” says a disclaimer at the bottom of the website.
shabana.h@livemint.com
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