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| Harlequin has sold thousands of homes in Caribbean – but few have been built | Harlequin has sold thousands of homes in Caribbean – but few have been built |
| (1 day later) | |
| In the bars and on the bulletin boards of Barbados the word Merricks is frequently mentioned. A village on the island's blustery south-east coast, it is also home to the eponymous "luxury" resort being developed by Harlequin Property. | In the bars and on the bulletin boards of Barbados the word Merricks is frequently mentioned. A village on the island's blustery south-east coast, it is also home to the eponymous "luxury" resort being developed by Harlequin Property. |
| The football pundit Andy Townsend, who acts as a Harlequin ambassador, oozes on the company's website: "Until now Barbados has boasted only one five-star resort. Now there are two." | The football pundit Andy Townsend, who acts as a Harlequin ambassador, oozes on the company's website: "Until now Barbados has boasted only one five-star resort. Now there are two." |
| Townsend concludes: "Now is the time to invest in the Merricks." | Townsend concludes: "Now is the time to invest in the Merricks." |
| Hundreds of people have agreed with Townsend and ploughed millions of pounds into properties on the resort. The problem is, they have not yet been built. Over 1,200 homes are scheduled to be built there but none have been started. | Hundreds of people have agreed with Townsend and ploughed millions of pounds into properties on the resort. The problem is, they have not yet been built. Over 1,200 homes are scheduled to be built there but none have been started. |
| Harlequin, run by the Essex businessman David Ames, advertises itself as a Caribbean luxury property developer. It has sold 5,000 properties around the region. But only a fraction have been completed. | Harlequin, run by the Essex businessman David Ames, advertises itself as a Caribbean luxury property developer. It has sold 5,000 properties around the region. But only a fraction have been completed. |
| Many investors have cashed in more liquid investments and ploughed the cash into self-invested pension plans to fund their dream home in the sun. But the anticipated returns have been slow to materialise and the UK financial authorities have warned financial advisers about the need for particular caution with pensions investment in Harlequin Property. | Many investors have cashed in more liquid investments and ploughed the cash into self-invested pension plans to fund their dream home in the sun. But the anticipated returns have been slow to materialise and the UK financial authorities have warned financial advisers about the need for particular caution with pensions investment in Harlequin Property. |
| Harlequin Property offers investors in its Caribbean hotels and resort properties the chance to buy at up to 50% below market value – promising on its website "excellent potential for high capital appreciation and an annual rental income". | Harlequin Property offers investors in its Caribbean hotels and resort properties the chance to buy at up to 50% below market value – promising on its website "excellent potential for high capital appreciation and an annual rental income". |
| Harlequin Property lists developments in Barbados, St Vincent, St Lucia, the Dominican Republic and Brazil on its website. | Harlequin Property lists developments in Barbados, St Vincent, St Lucia, the Dominican Republic and Brazil on its website. |
| Angry investors point an accusing finger at Ames but he believes he too has been a victim. | Angry investors point an accusing finger at Ames but he believes he too has been a victim. |
| The slow development progress across the region – the Merricks resort, for instance, has just two show houses and a guard hut – is blamed by Ames on the theft of millions of pounds from his company by a rogue developer. | The slow development progress across the region – the Merricks resort, for instance, has just two show houses and a guard hut – is blamed by Ames on the theft of millions of pounds from his company by a rogue developer. |
| The legal battle over Ames's allegations is being fought out in the Irish courts. | The legal battle over Ames's allegations is being fought out in the Irish courts. |
| At the same time Ames is in another legal wrangle with Wilkins Kennedy, his UK company's former auditors who resigned their position in 2010. Ames accuses them of negligence. | At the same time Ames is in another legal wrangle with Wilkins Kennedy, his UK company's former auditors who resigned their position in 2010. Ames accuses them of negligence. |
| "Because of the ongoing legal dispute we are not able to comment further other than to say Wilkins Kennedy is robustly contesting the claims against us," the firm said. | "Because of the ongoing legal dispute we are not able to comment further other than to say Wilkins Kennedy is robustly contesting the claims against us," the firm said. |
| In parallel to this Ames also believes a former Wilkins Kennedy employee was behind a website which was designed to spread rumours about Harlequin. | In parallel to this Ames also believes a former Wilkins Kennedy employee was behind a website which was designed to spread rumours about Harlequin. |
| But even BDO, the new auditors, have struggled with Harlequin's numbers. The most recent accounting records of the UK company were so defective that its auditors were unable to form any opinion. | But even BDO, the new auditors, have struggled with Harlequin's numbers. The most recent accounting records of the UK company were so defective that its auditors were unable to form any opinion. |
| So serious were the problems with the 2011 accounts of Harlequin Management Services (South East) Limited, the main agent for Harlequin's overseas companies, that BDO took the unusual step of saying: "Because of the significance of the matters … we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the financial statements." | So serious were the problems with the 2011 accounts of Harlequin Management Services (South East) Limited, the main agent for Harlequin's overseas companies, that BDO took the unusual step of saying: "Because of the significance of the matters … we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the financial statements." |
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