Singing Pig

Hi guys, I've received a similar proposal from Ascl global property investments. does anybody know if these two company are related?

I've just find out that it's Midas!I coundn't find any follow up on the forum to the questions asked by previous posts. Is this forum still active?

 

I am not commenting on this company, because I don't know them.

 But think about this from the opposite direction: if you were a builder, when would you pay 25% interest on borrowed money? More than likely only when nobody would loan you money for cheaper. There is usually a good reason why nobody will loan money.

Construction and development loans in the USA are curently in the neighbirhood of 7-8%. I can see where it might cost more money in a foreign country, but 25%?

One other thing to check into: in what currency is the interest paid? I can remember a time period many years ago when Americans were flocking to banks in Mexico to put their money into saving accounts that were paying 20% interest. What they failed to consider was that Mexican inflation at that time was totally out of control, and way beyond that 20% per year. The savings accounts were in pesos, and the interest was in pesos, and the value of the peso was in free fall.

 The investors lost a bundle of money because they didn't stop to consider the exchange rates and the rate of inflation in the country they were investing in.

Hi Oregon, the interest is paid in british pound (6.25% every 13 weeks). According to the agent there are strong guarantees in place and contract is made in Uk and it's been checked by 'indipendent' lawyers. Of course as soon as I'll receive the contract I'll show it to my solicitor before taking a decision. I'VE ASKED THEM THE SAME QUESTION WHY DON'T THEY BORROW MONEY FROM THE NORMAL CHANNELS and their reply is becuse of the credit crunch is much more difficult to borrow money. Also the agent has confirmed me that, as already reported in one of the previous posts, they used to trade under a different name and they went into some sort of trouble and couldn't pay the interest promised. However they say the original capital has always been repaid in full. It sounds quite risky though.

Hi mitico and everyone else.

I decided against putting my money into this deal, BUT may consider in the future. I used my cash for something else instead.

 Would love to keep hearing how it all pans out.

Thanks

What does anyone one know about Barfa Sim and its relationship to Midas? I understand that Ian Simpson setup Midas when Barfa Sim collapsed. Is that correct? I was tempted by a Sandy Bay project they had which seemed similar to the PV village Midas are marketing. Does anyone know if its the same site?

 

Cheers

Bob, do a search on here and other forums. There is more than enough info in the public domain for you to make an informed decision.

Hi Bob

The company I represent is still owed in excess of £300k from the Barfa Sim, Sandy Bay fiasco in 05. We to were wooed by finance secured against property and escrow accounts. The money was only supposed to be released when  certain conditions were met which they were not. After much chasing we managed to secure a compromised agreement but with no security. Needless to say we are still chasing this money and have received nothing to date. Whilst our agreement is not with Midas, Ian Simpson is the major shareholder and "Consultant to the Board" and Barfa Sim projects such at the Sunset project in Yalikavak appear to have been moved seamlessly into Midas without any regard to the debts left behind by the dissolution of Barfa Sim. I,ll let you reach your own conclusions as to the Law firm behind the deal!!!