An overseas property company promising 10% returns to investors in return for pension cash to build luxury holiday accommodation has been declared insolvent.
Harlequin Property SVG, a company based on the Caribbean islands of St Vincent and the Grenadines has announced a professional trustee has been appointed but denies the firm is bankrupt.
The company maintains the move gives breathing space for six months for sorting out business affairs.
Meanwhile, an estimated 6,000 investors who pumped £400 million of cash from their retirement savings into the property scheme are watching to find out if they will see any money back.
Harlequin Property SVG owns the land wh…
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