Twenty five UK-based investors have joined forces to instigate a civil action for breach of contract against Oceânico, the Algarve-based golf and property developers, in relation to a property development in the USA. Oceânico Group has stated that it is “working hard to bring the matter to a satisfactory conclusion”.
In a press release sent to the Algarve Resident last week, the group claims it invested almost www. million in August 2008 in a property development project in Oceânico’s Little River Golf Resort in North Carolina.
However, “construction of the specified properties never started and when the investment matured in 2011 no money was returned,” said the statement. “The group finds no evidence that Oceânico intends to fulfil its contractual obligation to them and are pursuing the matter through the justice system”.
The group has set up a website to expose the situation – www.littlerivervictims.com
In a statement sent to the Algarve Resident this week, Oceânico group said: “We can understand the frustration and disappointment that led the Little River Investors to issue the press release dated June 27 2013, and Oceânico Group is working hard to bring the matter to a satisfactory conclusion. However, we have to refute the implied allegation that we misinformed the investors. The funds they invested were used only for the legitimate purposes detailed in their agreements.
“The project was severely affected by the dramatic 2008 property downturn which adversely affected most companies in our sector. Since that time we have been working hard to maintain our operations in Portugal against the backdrop of extremely difficult financial and market conditions. We continue to strive to find a resolution to the Little River situation and are exploring a number of avenues to achieve this, and we would ask for the co-operation of the investors in helping us to achieve this ultimate goal.
“We have tried to be responsive to the concerns of the investors and we will continue to work hard to keep the investors up to date on any progress we make in terms of reaching a settlement.
“Notwithstanding the above, the Oceânico Group, even though respectful for the concerns of Little River investors, will not tolerate or accept defamatory statements, libellous or slanderous, issued or produced by all or any of the investors.”
