Khoie says La Hoya Bay-investors can claim refund

Khoie Properties arranged a meeting on Friday at their office in Dubai for investors in La Hoya Bay. Investors in the much delayed project have experienced multiple delays, rumours about an insolvent developer, the CEO being placed in jail and the project being taken over by the Government of Ras Al Khaimah. Therefore, the investors were naturally eager to hear what the developer would finally say at this meeting.

Media reported angry scenes at the meeting, as executives repeated what Frank Khoie himself said on Thursday from his prison cell. Khoie has told investors they can claim refund within 90 days and that construction then will commence. Investors, on the other hand, were curious to know how they can apply for a refund and how Khoie will be able to pay.

“Is there any substance to him saying he will be in a position to refund investors? If he can afford to refund investors, why hasn’t he settled his debt and got himself out of jail?”

Ashley Merry of the La Hoya Bay Investors Group said to 7Days. She believed many investors would want a refund but they were unsure how this could happen, as Khoie left no information about how the refund or the process will be.

Further Reading

« Buyer awarded refund for off-plan investment | Kempinski Residences at Palm Jumeirah ready for handover »