I was one of the many small investers who just wanted to invest in Dubhai to own an aprtment for hoilday/investment purposes. GPD Investments was marketing to build aparments in International City Dubhai. The deal was that we pay 30% of the parice upfront to GPD Investments, the developer, and the rest would be payable on compeletion either by laon or cash. They also graunteed the return of 8% for the first 3 years. I paid my 30% and I got the PSA (property sales agreement) from the GPD Investments.
I was waiting for the GPD Investments to start building the Phase III but then we had the "credit crunch" saga and the directors of the GPD Investments, in partcular, Lee Charles Wiggins, taking it as an opurtunity, decided to defraud us all investors. They initially, sent us all an email saying that majority of the investors were unable to pay their remaining balance due to the credit crunch so he wanted me to cancel the contract. I replied that If you want to cancel my contract, you woould have to refund my deposit because, First, I fulfilled my part of the contract and now you fulfill your commitments, secondly, you have not spent a penny of our /my monay on the project so you should be able to refund my deposit and thirdly, offer me an alternative apartment in your other buildings or investments but he was having non of this.
He just wanted us all to forget about our money by blaming the credit crunch, the worlds popular buzz word.