The Chief Executive Officer of North Dakota Developments has hit back strongly at allegations last week made by investors and lawyers about the viability of his overseas property investment.
Robert Gavin, in an exclusive statement to PropertyGuru, said: “North Dakota Developments (NDD) has not been in direct contact with any lawyer by this name, nor are involved in any litigation by any of its buyers. There are numerous material inaccuracies to these allegations.”
He said that NDD has experienced operational properties, and is working hard to bring on more in the short term.
He said: “We remain committed to delivering all units for all buyers as soon as practically possible and we are due to release some further updates very shortly demonstrating this progress.
“We will continue to work with clients on a regular basis and keep them updated on progress and endeavour to ensure information is disseminated as soon as possible.
“As we are just emerging from winter, as communicated to all buyers construction progress either slows or suspended until spring as part of the project schedule, which has meant very little opportunity to communicate with buyers.”
He also dismissed allegations of regulatory issues.
He said: “In terms of the U.S. Securities laws violations and anti-fraud provisions, we refute these allegations that have been made against us, and will cooperate fully with any regulators’ enquiries.”
Regarding allegations of revenue misrepresentations, Gavin added: “Revenue projections were based on independent and reputable feasibility reports, and were made available to all agents we dealt with and to any potential buyers if they wished to see them.
“NDD has not sought to ‘lure investors into sending their savings’ nor ‘touted unrealistic and baseless predictions’”.
He also stressed that NDD would be interested to hear from any buyers that have been sold on this basis by their agent, as the company does not condone this kind of selling of its properties.
Gavin concluded: “We would add that although we have experienced significant delays, we have never fabricated completion dates.”
Image: One of North Dakota Developments investment developments.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
