Warning: Zafarana Beach Resort

[leeroberts]

Hi All

Can anybody please tell me the state of play concerning Zafarana - what are people planning (will the court case in June be the final straw for one of the parties?).

From what I understand the contractual language wasn't as issue for the Egyptian authorities (as they want it localised)...

Please email me at [

Thanks
Lee

[leeroberts]

Hi Alan
What is the current thought on Zafarana - what do people or [ast experience say how this will fall?

Have the investors any comeback?

Thanks
Lee

[taflen]

Originally Posted by Sam

Hi Sue,

I found their number searching on Google.

0224143978

Hope you can sort things out.

Sam

Hi Sam

I managed to contact the site manager for Zafarana who confirmed that my IPI contract was not legal. He told me that future events would depend on the outcome of the court case in June. Either all monies received (approx. 40-50% of that agreed) would be returned to IPI and all apartments remarketed, or new contracts would be offered to investors by EMR.

Regards Sue

[leeroberts]

Hi taflen
Very interesting response from the site manager (I think that was what Zafarana always needed - a site manager!)

But anyway, I have been in contact with IPI about Sam - they know of this individual as a rouge trying to persuade investors in Egyptian properties to get him to take up a case for them. He does know Egyptian law etc, but takes the monies (up front) from investors, gives them papers and then disappears....

I would hold off on using him.

The issue about the non-localisation of the contract and whether IPI had POA - is not an issue now, as IPI have the legal documents for reselling and the TDA would of thrown it out from the start (the wording is what counts...not language - a contract is a contract - and what is coming from IPI - is that they have nothing to worry about, concerning the tightness of the wording).

The land belongs to the TDA (it is handed to parties to develop - EMR in this case) , until EMR fulfills it's obligation (build resort) to IPI\investors.....

I would take what is said here with a very large pinch of salt.....

Just a fact for others - IPI cleared EMR's outstanding debt (not so long ago too) - so EMR will have a few more questions to answer in court (if it goes that far) than IPI.

You have to remember that the timeline for Zafarana is now based around court dates (June hearing yes, then the court case for real a number of months later as both parties will need time to prepare their defenses)...you won't know the final outcome for the resort until maybe September this year!!!

Regards
Lee

PS I can be contacted at /SNIP/ if anybody wishes to discuss this any further!

[samui13]

Lee I think you may have got your wires crossed. Sam is in fact a She and yes she does know what she is talking about. Rogue!!!! Perhaps IPI may say that. It was the Law firm that Sam works for that that actually made IPI get the contracts in order for the Marsa Alam Beach Resort project which would probably have gone a very similar way had Zeiad not insisted on certain amendments to the contract. I was purchasing at Marsa and until the lawyer who Sam works for got involved, the contracts were very dodgy to say the least and not legal (for one they were not in Arabic and there were other issues like permissions) - I am not saying they were intentionally incorrect with a meaning that IPI were trying to cause problems, but I believe IPI have received some very very poor legal advice when it comes to Egyptian Contracts.

The lawyer worked through these problems with IPI to ensure that the purchase was a safe one. I actually pulled out because I didnt like the attitude of IPI when I asked valid questions (as directed by my lawyer) and I found them quite unprofessional and very rude at the time, however, they did correspond with my lawyer and managed to iron out all the issues for other purchasers (I believe their intentions were good but their law advice was very very bad).

Anyway when I pulled out of Marsa they basically told me to ****** off as they had plenty of other purchasers and they didnt care. I would quite like to phone them right now if they still think my lawyer didnt know what he was talking about which is what they suggested at the time when I pulled out.

Anyway each to their own but be careful when taking advice from IPI - they do not know the law as well as an Egyptian lawyer, which is probably how they come about to be stitched up in this mess in the first place.

Lou

[leeroberts]

Hi All
Not to sure on Sam - a nice profile picture etc.

But I have my reservations about what she is saying - to me she is positioning herself or her lawyer company for work from our disaster!!!

I have heard it so many times on other forums - so negative - it's not as if this was the first Egyptian resort to be hood winked by a corrupt Egyptian builder!!!

To be honest it was so inevitable in the end what EMR was doing - they dragged it out so that IPI would have to pay late fees....but IPI got away with that....now EMR are taking them to court....for what? Money that is owed to them.....their late building has cost the investors money - EMR have come back to the steering committee - stating that they will finish the build for a fee (no IPI involved) - now WTF is that about...

I know this resort will get completed - might not be with the investors that started out, but it will be finished (in a number of years)!!!

You have to remember too, IPI cleared EMR's debts not so long ago....there was an outstanding bill on the land - EMR owed another developer money (IPI where not the first company to resell the apartments) - EMR has a track record....

Lee

[Eco-Mariner]

Not far off the truth my friend....

Alan.

[samui13]

"Not to sure on Sam - a nice profile picture etc"

er, I can confirm this is Sam, ive met her!!

"But I have my reservations about what she is saying - to me she is positioning herself or her lawyer company for work from our disaster!!!"

Zeiad and Sam have worked on IPI matters for a while. As mentioned they actually got the contracts legal for Marsa Beach Resort -otherwise right now purchasers probably would be going through very similar issues. Oh and before you think they are in it for the money they didnt charge most people for Marsa Beach Resort - Sneddons (IPI's recommended lawyer) were charging £1500 per purchase for their copy of the due diligence - not bad for a complex sold with full due diligence but then you had to pay for it - Sneddons must have done pretty well out of that with the few hundred flats sold. I wonder if Sneddons also did the due diligence for Zafarana?? Zeiad acted on behalf of a group and charged next to nothing - some people even got it for free.

I know IPI have probably been stitched up like a kipper in all of this but to be fair, when Zeiad was trying to advise me on my purchase, they really did not like being told that their contracts were not legal and the correct permissions were not in place. However, working with the clients and Zeiad, the contracts did eventually get sorted for Marsa and thats why I believe IPI's intentions are not necessarily bad, they have just become another victim of Egyptian scamming. However, when so much money was at stake, its hard to believe they used a UK solicitor who appears to have not fully known Egyptian Law (for instance they should have insisted that the contracts were both in Arabic and English).

I do sincerely hope everyone gets their properties on Zafarana and I hope people take advice from the correct people (i.e. the lawyers who know what they are talking about, as, after all, this is how this mess got started in the first place.

Please dont discount or disregard people's offer to help. Their thread started with a warning to advise people of a situation about to arise and many people will be grateful for that. Use them if you wish, or do not use them and carry on as you are, but do not discredit them on an open forum for others to read, when you do not know the facts regarding Sam and Zeiad's legal practice. For instance referring to Sam as a man like you know who they are! People may interpret that as you have come across them and are well aware of who they are, which appears not to be the case.
Lou .

[Sam]

Originally Posted by leeroberts

Hi taflen
Very interesting response from the site manager (I think that was what Zafarana always needed - a site manager!)

But anyway, I have been in contact with IPI about Sam - they know of this individual as a rouge trying to persuade investors in Egyptian properties to get him to take up a case for them. He does know Egyptian law etc, but takes the monies (up front) from investors, gives them papers and then disappears....

I would hold off on using him.

The issue about the non-localisation of the contract and whether IPI had POA - is not an issue now, as IPI have the legal documents for reselling and the TDA would of thrown it out from the start (the wording is what counts...not language - a contract is a contract - and what is coming from IPI - is that they have nothing to worry about, concerning the tightness of the wording).

The land belongs to the TDA (it is handed to parties to develop - EMR in this case) , until EMR fulfills it's obligation (build resort) to IPI\investors.....

I would take what is said here with a very large pinch of salt.....

Just a fact for others - IPI cleared EMR's outstanding debt (not so long ago too) - so EMR will have a few more questions to answer in court (if it goes that far) than IPI.

You have to remember that the timeline for Zafarana is now based around court dates (June hearing yes, then the court case for real a number of months later as both parties will need time to prepare their defenses)...you won't know the final outcome for the resort until maybe September this year!!!

Regards
Lee

PS I can be contacted at /SNIP/ if anybody wishes to discuss this any further!

Wow, I see IPI clearly know all about me!!!!!!!!! Last time I looked down I was definitely female

I would also hold off using this "Sam" fella too, sounds a bit shifty to me.

[Sam]

Originally Posted by leeroberts

Hi All
Not to sure on Sam - a nice profile picture etc.


Lee

Why thanks

But anyway, I have no idea who you are or what your point is, so I don't really know why you have to be sure on me or not, I haven't asked anything from you, nor would I. Actually I haven't asked anything from anybody on this forum, so nobody has to be sure on me. I could well be a man using a fake profile pic, oh except for the fact I have met a few people who post here and Lou is my neighbour

Anyway, I don't ever speak from an opinion, only facts. And fact of the matter is that IPI do not own the land and therefore do not own the right to sell the land or any building on said land. Regardless of any contract, PoA or whatever there may have been, the contracts between IPI and their purchasers were just that, IPI signed as themselves and not in any capacity on behalf of any owner, and that in Egyptian law, my friend, is illegal. So think of me what you want to, I don't take opinions myself.


@Sue (teflen) - I hope things work out for you and you can soon enjoy the property you intended to buy. If things work out for the best for you then I can be happy that my post here has helped someone.

@Lou - thanks for the support. Our law firm is not always the most popular amongst developers as we do not blindly accept clients to illegal projects when other lawyers do, so we are used to this kind of backlash. But, our firm has a lot of respect from developers and those with legal projects are proud to work with us. As are our clients when they are steered away from potential pitfalls. Look forward to seeing you again when you're next out!