Property Investment Firms Shut After £2.85M Disappears
Law360, London (October 6, 2020, 5:52 PM BST) -- Two property investment businesses whose activities were found to be "without substance" were shut down after the High Court found that £2.85 million ($3.69 million) of investors' funds had disappeared, the Insolvency Service said Tuesday.
Minerva Development Group offered customers residential property and student accommodation bonds with investment returns between 7% and 16.9% per year, which were above market averages for regulated investments. Cohesion Business Development, which was supposed to oversee the banking of funds and act as security trustee, was also wound up, the Insolvency Service said.
Investigators found that Minerva, which traded actively between 2018 and 2019, took £2.85...
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