New court case against Ciaran Maguire relating to Cape Verde

Brendan Burgess

Brendan Burgess

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There is an interesting article in today's Sunday Business Post which says that "a large number of investors have launched a joint case in the High Court against Ciarán Maguire and the Ciarán Maguire Group" in an effort to get their deposits refunded.

The Overseas Café reproduced a letter from Maguire where he has promised to return the deposits, although it seems that he is not legally liable to do so.
 
BURTOFT & ORS -V- MAGUIRE & ANOR 2010/8844 P

12 Plaintiffs in that case.
 
[broken link removed]

I remember when these guys had an apartment on the Late Late as the prize for some quiz. This was well after the market had turned

I almost kicked the TV in.
 
There is a report in today's Sunday Business Post where Maguire claims to have repaid the Cape Verde investors.

He says he has paid the sales agency which took the deposits but that they have not passed on the refunds to the customers.

Kieran Wallace of KPMG, Liquidator of Flash Developments said "We have no evidence whatsoever to date that Maguire has title to any land in Cape Verde....We have seen no proof that he's repaid any monies"

However, Maguire insists that the Ciaran Maguire Group is continuing to build.
 
Evidence eh?

Where is the evidence that you actually have title to the land in Cape Verde?

Where is the evidence to substantiate your claims of developing a successful international property portfolio?


With extensive knowledge of the construction sector, having been involved from an early age with the family business, Ciaran went on to invest in Eastern Europe vis a vis land trading and began to develop a real flair for property and land acquisitions, focusing primarily on new markets as this yielded the greatest returns. Ciaran non posses [sic] an extensive property and land portfolio internationally.
Click to expand...

ciaranmaguire.com/home.html

If you are so wealthy, why did you borrow 400k to invest in Flash Developments from your sister?

scribd.com/doc/19532389/Flash-Developments-Amended-Accounts

Where is the evidence that you have any track record of development?

Where is the 50M you were going to invest in the project?

Maguire said he was using €50 million in cash reserves to fund the Cape Verde project, and that Portuguese banking group Banif was underwriting the development.
Click to expand...

thepost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=37042-qqqx=1.asp

Where were the deposits held and why does Kieran Wallace, a leading insolvency practitioner, bother to tell the court that he believes they were spent in running the company? What is his motive for this? He is simply the liquidator of the company.


However, documents filed last week by the liquidator, KPMG accountant Kieran Wallace, said that Flash appeared ‘‘to have financed the general running of the company’’ from the deposits it received, rather than place them on secure deposit.

‘‘From our initial investigations, it does not appear that the company has title to land, nor have any contracts been signed by the company," the liquidator added.
Click to expand...

thepost.ie/news/ireland/property-firm-flash-developments-faces-court-probe-50149.html
 
The Ciarán Maguire Group would like to state that we welcome any questions that anyone may have either by email or by contacting our office directly by phone.


Regards

The Ciarán Maguire Group
 
This was the original post which he subsequently edited.

“The Ciarán Maguire Group would like to state that we have reached an amicable agreement with Anthony Joyce regarding this case.
We welcome any questions that anyone may have either by email or by contacting our office directly by phone. Regards The Ciarán Maguire Group”




brendan
 
The Ciarán Maguire Group would like to state that the news on forums such as this one, is old news and out dated

In order to get a full factual update we welcome people to contact our office where we can provide documents relating to Planning, Title, Finances in place. We will can also provide images from site, information relating to our escrow faciltity or any other information people may require.

Regards
The Ciaran Maguire Group.
 
CMGroup said:
In order to get a full factual update we welcome people to contact our office where we can provide documents relating to Planning, Title, Finances in place.
.
Click to expand...

If everything is now in order why can't you just post up the current situation so that we can judge for ourselves, why the necessity for people to contact your office personally.
 
Was I dreaming or did I just see Ciaran Maguire on TV3 flogging his Cape Verde developments?
 
tvman said:
Was I dreaming or did I just see Ciaran Maguire on TV3 flogging his Cape Verde developments?
Click to expand...

Well if you look at his post 1 he is willing to post title and planning on property so I guess he's selling something. And nothing wrong with that if everything is in order.
 
I thought that the old guaranteed rental issue had already been comprehensively debunked?

http://www.askaboutmoney.com/showthread.php?p=296554

We warned against these before on Askaboutmoney The company went bust with the investors losing all their money.

He seems to be offering 20 years, fully guaranteed and fully "bonded"?

But he doesn't say be whom?

I have no doubt that the guarantor and provider of the bond are Triple A rated financial institutions.

So Ciarán - as you are reading this, you might provide full details of who the guarantor is and who is providing the bond.



Brendan
 
I saw the ad last night...100% finance and 8% guaranteed return for 20 years...sign me up

I thought that Barry Caesar Hunt from TV3's The Apprentice had opened a barbershop in Liffey Valley...
 
Damn, according to the Cape Verde newspaper, all the apartments are already sold out. But I suppose with rents guaranteed for 20 years, we should't be too surprised. That TV 3 ad must have been really impressive.

As quoted on the Overseas Cafe

"The Irish group Ciaran Maguire launched on the morning of Thursday, 24, in Boa Vista, the first stone for the construction of an apartment complex with 238 luxury apartments, casino, thalassotherapy center and restaurants.


The initial investment Palm View Resort is 25 million and, according to prosecutors, all the apartments are already sold to Europeans, especially English and Irish. "The hotel, the restaurants will be complete later this year, and the other blocks will be complete next year," he told Radio in Cape Verde Ciaran Maguire, chairman of the Group.
 
Here is Ciaran's own profile of himself on something called [broken link removed]

About me

In 1998 Ciarán first started his business career with his family construction firm Flexi Group, which was founded in 1988 by Ciarán’s Father Christopher Maguire. Before long, Ciarán had taken his families firm to the forefront of the Irish Construction Sector in its specialist field, working on many prestigious projects in … [broken link removed]Ireland such as the K-Club, Dundrum Town Centre, Dublin Airport and most recently Ireland’s National Stadium at Landsdowne Road.
Ciarán invested heavily in a new state of the art plant facility for Flexi Group head quarters in Dublin, which was the first company in the country to do so. Ciarán also invested a further €5 million into acquiring the latest technology and importing machinery from Germany and Austria thus further expanding the company’s growth and profitability. This enabled Flexi Group to have a distinct advantage over their competitors and become the leader in their field. It was at this point Ciarán became recognised for his innovative business acumen and also as one of Ireland’s leading entrepreneurs.
With extensive knowledge of the construction sector, having been involved from an early age with his family business, Ciaran went onto invest in Eastern Europe vis-à-vis land trading and began to develop a real flair for property and land acquisitions, focusing primarily on new markets as this yielded the greatest returns. Ciaran now posses an extensive property and land portfolio internationally.
Perhaps Ciaran's most remarkable business achievement to date which further outlined his entrepreneurial skills, is when Ciarán went onto to develop a pioneering bond finance product that underwrites its guaranteed returns allowing clients invest with minimum risk and full peace of mind. This new inimitable finance product is the first of its type to be developed in the world and is exclusive to the Ciaran Maguire Group and the Palm View Resorts. This innovative new product has been the platform for the companies continued growth during difficult times in the overseas property sector. It is this ability to discover new opportunities where no one else can and his passion and drive for business that are the main contributing factors to his success.
The Ciarán Maguire Group is now set to stand alone as the global leader in developing overseas property while also diversifying its interests by maintaining full control and ownership of the Palm View Hotels and Resorts, Golf Courses and Casinos
 
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