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I am not a lender, but I am an investor in the Obzor fund and I am in touch with 5 of the other fund investors including 1 who also bought off plan at Obzor.

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Yes, the management of the funds has been taken over by Barclays wealth. The Obzor fundholders were given shares in another fund with the promise that we can aply to get our money back at the end of the year. The refund is dependant on R2i paying up so I'm not holding my breath.

Im afraid I know nothing about the current status of the land, all organisations involved seem to have been carefull not to tell the Obzor fundholders the truth.

Hello,

I'm new to this R2I discussion. 

I'm a small investor, and similar to many, I had no knowledge of R2I or property investment before investing in Olympus Lake (now Limra). When times were good - over 2 years ago - my wife and I invested 100% into this apartment.

One year ago R2I changed the design to a new (Jade Jagger) design. It was not to our liking so we request our money back. That was over 1 year ago!!

Yesterday we received an email from R2I which stated that the (Limra) development is "Limra development has suffered from a recent slowdown in sales" and that the "Unfortunately the major launch in Russia held by the branding partners JJ4U and the international sales agents, Knight Frank, coincided with a crash in the Russian stock exchange which had a negative impact on the Russian property market"

I would like to speak to anyone else in this position.

The CentreWest, Romania Development went down the pan. Anyone else get caught up in this non starter. The updates were non existent over the eighteen months of its existence despite R2I insisting that they sent them to me. They tried to pretend that the development was still ongoing into 2009 and I got a phone call in April 2009 saying the development had ceased. I later learnt that the developer had walked away from the contract in 2008 due to capital drying up. I have my initial deposit back at long last.

Anyone here had any dealings with Centrewest. I do not want to give anything away as their director are bound to be reading this thread and suffice to say I am far from finished with dealing  with them on a legal basis.

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Land is now owned by Realty BG. EOOD.    Addition 20/01/2010:   Checking ownership of land, Land registry documents may not be up to date.  Addition 25/01/2010  Land registry details are not up to date.  Realty BG do own the Obzor land.