Freedom Bay is an area of land on the island of St Lucia in the Caribbean. It was advertised as a “stunning eco luxury five star spa resort. The resort comprises one and two bedroom luxury villas, positioned on the beach and hillside”. The developer for the scheme is Malgretoute Hotel Development Company Ltd and it was promoted by regulated and unregulated advisors to members of the general public.
Investors were advised that they could invest into the scheme (whether through their pension or otherwise) and would receive generous returns on their investment from the point of investment until completion of construction. The investors bought entitlement to one or more weeks in an apartment or villa on the resort. The contract termed this purchase as a ‘time share’. There is nothing wrong with time share purchases as such, but Freedom Bay is an extremely dubious investment.
Investors interests were supposed to be protected, however, it has since transpired that the resort was not completed, and construction work has stopped. For example, the target completion date for investors in 2012 and early 2013 was December 2014. Despite this, the development is still to be completed. Most investors have seen no returns and the construction of the resort has grinded to a halt.
As far as we are concerned Freedom Bay should never have been recommended to investors. As a result if you have transferred monies into the scheme we would invite you to contact us today for a free and no obligation chat to see how we can assist.